Consumers Are Buying Used Cars at an Increased Rate

By Neal S. Gainsberg | November 26, 2018

Consumers Are Buying Used Cars at an Increased RateThe cost of a new car is too much for many people. Soon, though, the cost of used cars may be too much, too. In a new piece by Jalopnik, the author explains that the difference between the price of used car and a new car is increasing. Part of the reason for the price increase in new cars is that they have more costly technology. Many buyers also want bigger cars like SUVs, which are generally more expensive than sedans. For example, the cost of a Lexus RX hybrid, according to one consumer, is nearly $66,000.

The cost of used cars is also increasing, in part because the better economy means fewer cars are being repossessed and rental-car fleets have fewer cars. In December 2017, the cost of a new cars averaged nearly $37,000. A three-year old car averaged $22,489 in early 2018 – $865 more than in the same period in 2017, according to the Jalopnik report.

Things to keep in mind about buying a used car

Used cars can come with more risks than new cars do:

  • They have much shorter warranty periods
  • The costs of repairs are usually higher
  • They generally don’t last as long as newer cars because they’ve already been driven

A major disadvantage of a used car is it doesn’t have the latest safety technology that new cars have. Older cars may not have anti-lock brakes. Many do not have a hands-free GPS system.

Used cars also pose a greater risk of causing an accident than a new car. Used cars tend to break down more than new cars. Cars that need constant repairs are more likely to get into an accident while they’re being driven. Bad brakes, tires without tread, defective windshield wipers, lights that don’t work, and other problems can make it tougher to control the car, especially when there’s a traffic emergency.

Parents who buy a used car may think they’re doing their teenager a favor, but they may be risking double trouble. Unsafe cars increase the likelihood of a car accident. Additionally, if a child does get into an accident, parents who own the vehicle can be held accountable for any injuries or deaths that happened.

At Gainsberg Injury and Accident Lawyers, our Chicago car accident attorneys fight to get injured victims and the families of deceased riders the full compensation they deserve. Damages include pain and suffering, medical bills, lost wages, and property damage. We also work to determine how an accident happened and who’s responsible. This includes reviewing whether the owner of the vehicle properly maintained his or her old or new vehicle. To speak with an experienced trial lawyer, please call us today at 312-600-9585 or send us a request through our contact form.

 

Posted in Auto Accident