So you want a new car … now what? The first thing you may have to do is get a reality check, as the cost of a brand new model is pretty high. For some drivers, that's just one of the many reasons to find used cars instead. These pre-owned models provide great value, and in light of the most recent sales figures, they may be the best option as well.
New cars grow pricier
According to a report from Cars.com, the average transaction price for new cars purchased in October reached $30,382. That's the highest so far for 2014 and represents a slight uptick from September's expenses. However, the cost could be even higher. USA Today reported that TrueCar pegged the average transaction price for the month at $32,957.
People still need loans to help pay for these expensive new cars. The source reported that the average length of a loan needed to purchase a new model was 67 months. That's the second-longest term in history, and while it could be good news for drivers who don't mind spending a little during their time as owners, it can make a big difference for those who care about the bottom line.
Opportunities for savvy shoppers
The prices may be going up, but more people buying new cars means there may be greater numbers of used cars entering the market. As vehicles get traded in or discarded for newer models, savvy drivers are able to pick out real gems.
It could even be easier to find a viable car because gas prices are dropping around the country. A report from AAA found that the average cost of a gallon of gas has recently dropped below $3. With these expenses dropping to their lowest point since December 2010, more people are turning to large SUVs and pickup trucks. They may have been considered gas guzzlers at one point, but in today's world they are almost as practical as smaller sedans.
Are you convinced yet? Used cars can offer plenty of value for anyone – drivers just have to know where to look. Start your search at New Jersey State Auto Auction. Our lot has hundreds of Carfax-certified used cars, trucks and vans for sale, and you'll be able to find many models at prices that fit in your budget.