What is the story about?
What's Happening?
In response to the high cost of new vehicles, Consumer Reports has released tips for purchasing used cars, emphasizing the importance of strategic buying. With new car prices averaging around $50,000, many consumers are opting for used cars. The report suggests checking vehicle history, reliability ratings, and having a mechanic inspect the car. It also highlights the potential for hidden costs and high interest rates, advising buyers to be cautious and well-informed. Top recommended used cars include the 2019 Toyota Corolla and 2018 Mazda CX-5.
Why It's Important?
This guidance is significant as it helps consumers navigate a tight used car market, where supply constraints and high demand have increased prices. By providing practical advice, Consumer Reports enables buyers to make informed decisions, potentially saving money and avoiding common pitfalls. This information is particularly relevant in the current economic climate, where inflation and supply chain issues have impacted consumer purchasing power. The report also highlights the importance of financial literacy and careful planning in major purchases.
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