Photo by CARSEN VAN DER LINDEN
It takes a couple of hard pulls, but you finally are able to pry open the door. The harsh smell of old leather mixed with cheap car air freshener hits your nose as you inhale the hot air inside the 2002 Toyota Camry. As your hand passes over the cracks in the windshield and stains on the dashboard, you begin to wonder about the sanity of the decision to buy a used car such as this one, when the truth is, you might not be able to afford much else anymore. Sure, a new car straight off the assembly line is going to be more expensive than the car described, but different factors in the used car market today are making options critically limited.
We all know that the economy has struggled for the past couple of years. But, what many people do not know is how much it affects every single aspect of the car market itself. People want to save money in tough times, which is why Cecil White, a salesman in the used car industry for over 20 years, highly suggests going with used cars.
“The whole purpose of buying any used vehicle is to save money, of course.” White said, “New ones can get very expensive, especially on a tight budget, so buying used will usually save you a lot of money.”
In fact, so many people have switched to buying used cars instead of new cars that in a market study done by AnythingResearch.com, the market size has risen by almost .5 billion dollars since 2008, and is expected to increase by another $1 billion dollars by 2016. And even though the industry is slated to make much more money by this time, White said that the market will still be difficult to predict, and that price will never be set in stone. White said, “It’s difficult to estimate the price of used cars, but you should be able to keep the price you buy at low if you make a smart, informed decision when you buy.”
Even if the market estimates are true, it still spells bad news for teens. Because of the extreme interest in saving money when it comes to buying a car, the overall price of used cars has gone up by more than 11 percent. If you add this percentage to some more sought-after used cars, some prices of the used cars are beginning to rival the prices of their new counterparts. Now, buyers will have to squeeze for even more money just to keep up with rising prices in the market. So, many people are starting to wonder whether it is a good decision to still go for a used car, or instead push a bit further for a new one. Saying that used cars do not have very many disadvantages, White said, “The biggest downside to buying a used car is that, generally speaking, is that you will not have a warranty. You can buy a warranty through the dealership, but it is usually a lot more difficult, and involves much more inspection and looking over first.” But, White still thinks that buying used is always a good option, especially for teens. White said, “As long as you can figure out your finances, and then buy a car that fits inside of that range with a smart, informed search, you will always be able to keep the price low for yourself and have a nice car to show for it afterwards.”
The sad truth is, the auto industry is always twisting and turning down a never ending road of uncertainty, but being up to date and informed is always the best way to make sure that you aren’t being cheated by the market itself. All teens should be able to feel the freedom of burning rubber, rather than the pain of burning a hole in their pockets.
by CARSEN VAN DER LINDEN
