Rhonda Walker, Anchor/Reporter
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Rhonda Walker, Anchor/Reporter
DETROIT – Are you thinking about buying a used car? You’re not alone! With the cost of new cars staying high, it might seem like a smart move. But finding a ride that’s both reliable and affordable can feel like a gamble. Consumer Reports is here to help with expert advice and exclusive data that empowers you to shop smarter and choose a car that fits your needs and budget.
With new cars averaging nearly $50,000, buyers are turning to used cars to avoid big loans. With about two million fewer new cars sold in 2021 compared to 2019, the used market today is tighter than usual.
When there aren’t many cars available, but lots of people are looking, prices go up. It’s supply and demand. So, buyers need to be strategic to find that good deal.
Even when good used cars are hard to find, as Consumer Reports says, you can still get something safe, dependable, and fuel-efficient. Check the car’s vehicle history, look at the model’s reliability ratings. If you can, get an independent mechanic to check it out and take it for a thorough test drive. Doing this upfront can save you a lot of money and headaches later.
Topping a recent CR list of best used cars to buy include the 2019 Toyota Corolla, 2018 Mazda CX-5, and 2019 Toyota Camry Hybrid.
When it comes to paying for the new used car, be careful because the money you save can disappear in the fine print. Right now, the average interest rate on a used-car loan according to Experian is around 12%. Even small differences in interest rates can add up over time. So, before you go to the dealership, check your credit score, get pre-approved for a loan, put down as much money as you can and avoid those long-term loans. To get the best deal, shop around, know the terms before signing, and carefully plan your budget.
Before you drive off the lot, check the fine print. Consumer Reports says hidden costs like reconditioning, licensing, or pricey extended warranties can pile up quickly. Don’t be afraid to say no and always ask about anything that doesn’t make sense on your bill.
More: Consumer Reports
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Rhonda Walker has been helping Detroiters get motivated and ready for the day for the past 22 years. A confessed morning person, this award winning talented and versatile journalist starts her day at 2:00 am to co-anchor the weekday morning newscast at WDIV-Local 4 News. A position she’s held since 2003.
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