Why You Should Wait For at Least Two Months to Buy a Used Car
If you plan to buy a second-hand car, you may want to consider heading to a used car dealership in Bradenton, Florida, or in Houston, Texas, by December 2017.
The recent spate of hurricanes in both states affected the possibility of buying a secondhand car in good condition. An oversupply of new cars, a significant amount of incentive dollars and plenty of off-lease cars made it seem like a good idea to buy a secondhand unit, prior to the occurrence of Hurricanes Harvey and Irma.
Here’s why you should consider buying used cars in Bradenton or Houston:
Higher prices for used cars also justify a decision to postpone buying a pre-owned vehicle. Combine that with a growing demand for such vehicles and a purchase seems less attractive at the moment. Wholesale automotive prices rose nearly 3% in September from August, according to the Manheim Used Vehicle Value Index.
If you have money to spare and you’re looking for a new driving experience, you could rent a Tesla Model 3 in Florida. However, be prepared to pay more than $160 per day to use it. Still, buying a used car seems to be the best option for most Americans.
Harvey and Irma’s damages rendered up to 1 million vehicles useless with their value being next to nothing, aside from being likely recycled into scrap metal. The Manheim index showed that buyers should not be surprised by high prices or other market changes when they visit dealerships in Florida or Texas.
The growing retail demand for used cars buoys the strength of the wholesale market, while most of the price growth stems from the recovery after the recent hurricanes, according to the index.
Your patience will be put to the test when determining the right time to buy a secondhand car. But the bright side on this matter includes not being tricked into purchasing damaged or flooded vehicles.