About 75% of all car sales are used car sales–and with good reason. Most buyers set out to purchase used cars for the reasonably low cost of $5,000 or less. Pre owned cars fall in this range or not too far from it, typically $10,000 or less, giving buyers a great alternative to purchasing vehicles new and setting them back by as much as $20,000, $30,000, or more.
The preference for used cars is going strong in 2020. Here are what the latest used car buying trends look like this year.
Buyers Want Big-Brand Names
Big brands will remain as popular as ever. Toyota, Honda, Nissan, Ford, and Hyundai will continue to top the charts. Used car buyers are generally looking for two key things: their car to retain as much as its value as possible over time and reliability. Models like the ever-popular Honda Civic reign here. The Civic famously lasts and lasts, with some models running well even at impressive mileages of 200,000+. It depreciates slowly, and the National Highway Traffic Safety Administration (NHTSA) granted the 2019 model an overall 5 star rating. The Toyota Forerunner and Toyota Prius also have high ratings, promise reliability and decent value, and give consumers the peace of mind of being a part of a big name brand they can trust.
Rental Cars And Leased Cars Will Go Fast
Well-used cars aren’t necessarily the top picks this year. Buy here pay here used cars and used car dealers will be happy in 2020 given that gently used rental cars and off-lease cars are among the top options of the new year. These car models afford buyers a few advantages. First, they are generally only a year or two old, meaning they may be equipped with some of the latest safety, connectivity, and technological features–all at a much lower price tag than new vehicles. With frequent repairs, tune-ups, and inspections, these cars also tend to be particularly well-maintained.
Hybrids Aren’t As Big In 2020
When hybrids and fully electric cars first came onto the market, buyers had several incentives to buy them–literally. Consumers received tax breaks in several states, and sometimes even from the U.S. government or Internal Revenue Service (IRS). Unfortunately, these tax breaks are a thing of the past. States are putting greater restrictions on these monetary incentives, reserving them for very specific car models and very specific circumstances. Similarly, the IRS ended its tax breaks for electric and hybrid vehicles, even for newsworthy brands, like Tesla. Without financial rewards to maintain and charge electric vehicles, it is best to go traditional when purchasing buy here pay here used cars.
Connectivity Is Key
Again, newer buy here pay here used cars, leased cars, and rental cars will be big in 2020 because connectivity is a highly desired feature. Even car buyers looking for a great deal want to use their electronic devices to their full potential. That means buyers are looking for relatively new or gently used cars, ones that will have newer features, like blue tooth connectivity, wireless connectivity, compatibility with smartphones and apps, USB and charging ports, etc.
The Car Buying Experience Is Changing
Gone are the days of long, drawn-out negotiations. Buyers increasingly want a fast, no-hassle car buying experience, like the ones offered at lots, dealers, and sellers offering buy here pay here used cars. There is greater information out there. Buyers can get a solid idea of prices online, and download and/or purchase information about their new vehicle or would-be new vehicle with relative ease.
Technology is helping car dealers and sellers, too. Sellers can now keep some of their stock off lot and save money on show room displays or on cramming all available vehicles into a single space. Now buyers can look at models that are available online, pick out one they would like to test drive, and notify sellers. From there, sellers can make sure to get the vehicle where it needs to be for consumers to test drive.
In 2020, electric models will be less popular, big brand names are as popular as ever, rentals and leases are going fast, and consumers are increasingly expecting a more convenient car buying experience.
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