What's Happening?
Consumer Reports has provided guidance for consumers navigating the challenging used car market, where demand has surged due to high new car prices. With new cars averaging nearly $50,000, many buyers are turning to used vehicles. Consumer Reports advises checking vehicle history, reliability ratings, and having an independent mechanic inspect potential purchases. The report highlights top used car picks, including the 2019 Toyota Corolla and 2018 Mazda CX-5. It also warns of hidden costs and high interest rates, urging buyers to be strategic in their purchasing decisions.
Why It's Important?
The advice from Consumer Reports is crucial as it empowers consumers to make informed decisions in a competitive used car market. With limited supply and high demand driving up prices, strategic buying can help consumers secure reliable and affordable vehicles. Understanding financing options and potential hidden costs can prevent financial pitfalls, making this guidance valuable for budget-conscious buyers. This information also underscores the broader economic impact of supply chain disruptions and inflation on consumer behavior in the automotive sector.
