The economy has become much tighter over the years, increasing the need to buy lower priced, used cars. This has coincidently created an increase in the prices of used cards. There are many facts surrounding used cars that have become myths due to the poor economy.
Myth: Car buyers can purchase two-year-old cars for thousands of dollars less than if they purchased a new one.
Truth: These days are gone. Used car dealerships across the United States have increased the prices for used cars in effort to make up for the loss in revenue of new cars.
Myth: The cash for clunkers program cleared all of the 'lemons' from the dealerships making it safer to buy used cars.
Truth: Cars with shiny exteriors and dilapidated engines are still on the car lots. The program was able to take many of the lower-end vehicles off of the market but the tight economy has also made it difficult for previous car owners to stay current in proper car maintenance.
Myth: It's more expensive to buy out your lease than to buy the same car used at a different dealership.
Truth: Former leases can save a car buyer up to 15% over a similar used model. Traditionally financing companies keep monthly lease payments low by inflating the value of a car when it's turned in.
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