Used Car Sales | DON'T WASTE YOUR MONEY
Even though used car prices have been dropping a bit this year new data shows the car market is still brutal. Consumer reporter John Matarese looked into why it’s so hard to find a car under 20 grand so you don’t waste your money.
Transcript
00:00 Well, even though used car prices have
00:02 been dropping just a bit this year,
00:04 new data indicates the car
00:05 market is still quote brutal.
00:07 Consumer reporter John Mattaries
00:08 looked into why it's so hard to
00:10 find a car under 20 grand so
00:12 you don't waste your money.
00:14 Heading to a car dealership soon
00:17 looking for a good cheap used car.
00:20 Well, good luck.
00:21 A new report says affordable
00:23 used cars are vanishing,
00:24 leaving buyers with older vehicles
00:26 with often twice the mileage.
00:28 Hanley Clark is signing the papers
00:30 to buy a used minivan after weeks
00:33 of frustration. Prices are
00:34 high. Mileages are high.
00:36 He was shocked to see so many
00:38 used cars for 20 grand or higher.
00:41 One of the big features is the
00:43 side blind monitors in the mirror.
00:45 Dealer Gary Heflin says there are
00:47 several reasons for the high prices.
00:49 One all the technology on today's
00:51 vehicles so the cameras built right
00:53 in there plus fewer lease turn ins
00:55 and low mileage trade ins people
00:57 who have traded a car at 70,000
00:59 miles says well I can't get a new car.
01:02 I'm just going to keep it.
01:04 A report from IC car shows that used
01:07 cars under $20,000 made up 49% of
01:09 the market in 2019 nearly half.
01:11 Today those cars make up just 12%
01:13 of the market. You've got $20,000
01:15 to spend on a used vehicle.
01:17 You have to get an older model year one
01:20 and or one with considerably more mileage.
01:22 Today the average price of a used
01:25 one to five year old car is $1,000.
01:27 The average price of a used car is
01:30 more than $34,000 up from 22,000.
01:32 In 2015 there is one upside.
01:34 If you have a car right now,
01:36 then that's your biggest bargaining chip.
01:38 Right now you'll get a better trade in deal.
01:41 According to Joseph Yoon with Edmonds,
01:43 that vehicle that you have in the
01:45 garage or sitting in the driveway.
01:47 That's going to be your cash cow
01:49 looking for a deal.
01:50 Gary Heflin says avoid pricey
01:52 SUVs and pickup trucks.
01:53 Probably the best value out there
01:55 is a good low mile four door
01:57 sedan. Hanley Clark ended up with
01:59 this minivan to avoid high prices.
02:01 That way you don't waste your money.
02:03 I'm John Mattress.