Category Archives: Used Cars

inflation and car prices

Used Car Prices are Finally Falling – What Does this Mean for Inflation?

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According to the latest inflation report, used-car prices fell for the third month in a row. Could this be a sign that inflation has peaked? In January 2022, used-car prices hit a record high. But now that prices are slowly decreasing, some experts believe that the consumer price index (CPI) will as well. 

Why is this the case? Because the decline in used-car prices shows that the supply chain issues responsible for inflation are starting to ease up. While supply chains aren’t where they were before the pandemic, they are starting to improve. If this is the case, the prices for other products could start falling, too. 

How Does Inflation Impact Car Prices? 

Inflation refers to the decreasing purchasing power of money, which also determines the increase of prices for goods and services. If your dollar loses power, prices for the things you buy are likely to increase. However, recent data shows that the opposite is happening right now. 

MarketWatch reports that in April and June, the increase in used-car prices accounts for one-third of the overall increase in the cost of living. Normally, used cars don’t have that much power over inflation, but the shortage of new cars has changed this. To monitor inflation, the Manheim Used Vehicle Index has become an accurate source. 

The spike in used-vehicle prices has played a role in inflation, but used-car prices don’t typically have this much influence. However, even now, used-car prices are still up 32 percent from pre-pandemic levels. 

Is Now a Good Time to Buy a Used Car? 

If you’re in the market for a new vehicle, the inflated car prices can have a negative impact on your cost of living. Not to mention, you’ll probably be left with limited choices.

That being said, if you need a car, you need a car. If you have a car to trade in, you’re in a better spot. Dealerships need the inventory, as do rental car companies, so you can probably get more than you would have a year or two ago. You can then use this money to put toward a down payment. 

Save Money and Shop for Repossessed Vehicles

Cars aren’t a luxury for everyone. Most of us need our vehicles to get us to and from work, school and other important places. Therefore, if you need a new car, you might not be able to wait. Fortunately, a little out-of-box thinking can introduce new opportunities.

RepoFinder.com offers a huge database of repossessed cars, trucks, SUVs, etc. that are open to the general public. You do not need a dealer’s license. You can purchase a car for a fraction of the price – and you can pick it up almost immediately. Shop with us today and see what cars you can find for an affordable cost. Yes, cheap used cars still exist! 

driving car in as-is condition

What to Look for When Buying a Car As-Is

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Buying a car “as-is” means that you’re buying the car in the exact condition that it’s in. It probably doesn’t have a warranty, either. If anything turns up wrong with the car, it will be your responsibility to fix it. In exchange for taking on these unknowns, you can get a decent discount on your vehicle. The money that you save on the initial cost can then be used to fix up the car, should it need repairs. 

Even though you’ll be saving money on an as-is vehicle, it’s still important to do your research and know what you are buying. Here are some tips on what to look for when buying a car as-is. 

Research the Car 

When you find a car (or cars) that fits your criteria, the next step is to research it. You can find this information online – just be sure that you’re choosing reliable, unbiased information. This research will help you understand the car you are buying and any known problems. This way, you can plan for potential repairs.

Get a Vehicle History Report 

Obtain a vehicle history report to avoid surprises. The two largest and best known providers of paid VIN reports are Carfax and AutoCheck. These reports include basic information, as well as recalls, thefts and crashes. With this information, you can find out if the car you’re buying has been in any serious accidents. 

Test Drive the Vehicle 

Ideally, you should have the opportunity to test drive the vehicle. But it’s possible that you won’t be able to do this if the car is out of state. Also, repossessed cars can’t always be test driven because of liability issues. If you can’t test drive the car for some reason, at least take the opportunity to perform an inspection. You can tell a lot by seeing the vehicle in person. 

Have the Car Inspected 

If you don’t know a lot about cars, ask a mechanic or someone knowledgeable to inspect it on your behalf. A mechanic can evaluate the vehicle’s current condition, point out issues that you may need to address and make sure that you are paying a fair price. If the seller doesn’t want you to have an inspection, choose another car (or seller). 

Shop with Reputable Sellers 

Always shop for as-is vehicles through reputable sellers like RepoFinder. Even though you’ll be buying the car as-is, and probably without a warranty, a reliable seller will be willing to work with you. They’ll answer your questions and be open to having you test drive the vehicle and bring in a third-party to look at it. This shows that they have nothing to hide. 

RepoFinder offers a free list of bank-owned vehicles that are ready to buy. They are open to the general public, and you can easily review the information and place a bid. To shop for repossessed cars in your area, check out our inventory today! 

electric vehicles

5 Things to Know About Electric Vehicles

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Are you thinking about buying an electric vehicle (EV)? Even though EVs account for a very small percentage of car sales, the market is slowly growing. Consider that global EV sales rose 40 percent between 2019 and 2020, due to the growing number of affordable electric cars and rising fuel costs. 

If you’re considering switching over to an electric car, here are five important things to know. 

1. Electric cars are more cost-effective in the long run. 

Even though there are more affordable models of EVs, they still tend to cost more than petrol and diesel cars. This is mostly because of their batteries, yet in recent years, these prices have fallen significantly. 

You should also consider your long term costs, and in this case, EVs come out on top. You can eliminate fuel costs and maintenance services. Plus, you can get money back from the incentives and tax breaks that are still available.  

2. There are more models of EVs rolling out each year. 

Over the next few years, there are tons of EVs rolling out. Some have been officially unveiled with specific launch dates, while others are still in the works. Many legacy automakers have announced that they’re adding an electric-only lineup, while startup EV makers are also becoming more common. 

Even Apple and Sony are considering making their own electric cars! Some of the EVs we’re looking forward to seeing are the 2023 BMW i7, the 2024 Buick Electra and the 2025 Chrysler Airflow. 

3. The U.S. is still offering incentives for EVs. 

Some states have better incentives than others. For example, California offers the most support for EV buyers. Residents can qualify for up to $7,000 in state incentives through their Clean Vehicle Rebate Project. On the other hand, Alaska, Alabama and West Virginia offer little support to EV buyers. 

There is also a federal tax credit worth up to $7,500 for certain alternative-energy cars. However, it only applies to new car sales – not leased vehicles – and some electric cars are no longer eligible. Still, it’s worth looking into! 

4. EVs mean no more gas stops! 

Average fuel costs right now are over $5.00 per gallon. It’s certainly not cheap to drive, but with an electric car, you can save on fuel costs and eliminate inconvenient trips to the gas station. Instead, the ‘fuel’ comes to you. 

Most charging happens at home or work using a Level 2 charging station. Also, consider that up to 80 percent of a battery’s energy powers an electric car. In comparison, gas vehicles use most of the energy that they produce. 

5. Chances are low that you’ll actually run out of battery.

About 57 percent of consumers avoid EVs because they’re worried about running out of power (something called range anxiety), but in reality, it’s only happened to about 5 percent of drivers. 

Drivers get plenty of warning that their battery is low. It won’t just suddenly die out. In fact, some of the latest models have navigation systems that show you the closest places to charge your battery. Also, the range increases with new vehicles, which means there’s hardly any new EVs on the market that have less than a 250-mile range. 

Electric vehicles are not just the future, they are a popular trend today, especially with the increase in gas prices. To shop for used EVs, visit RepoFinder today! We’re always getting in new vehicles, including some electric cars. 

affordable red car

Best Affordable Used Cars You Can Buy Today

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Looking for a new car that’s affordable, too? While this isn’t the best time to be shopping for new and used vehicles, you might not have a choice. You depend on your car to get you to and from places, and you need something reliable. 

Fortunately, there are some budget-friendly cars that you can look into. These cars offer a great value for the money. To save even more, look for these models on RepoFinder.com. We have a huge database of used vehicles that is updated regularly! 

In the meantime, here are the best economical cars on the market today!

Hyundai Elantra 

The Hyundai Elantra is a great compact car that’s comfortable and enjoyable to drive. It’s also hip and stylish, and includes plenty of tech-savvy upgrades. A well-maintained Elantra should last over 150,000 miles, and may even get to 250,000 miles without any major repairs. For the average driver, that’s a lifespan of 10-15 years. The average price for used Hyundai Elantras are between $15,000 and $20,000. 

Toyota Camry 

The Toyota Camry is another great car that provides a smooth, enjoyable ride. Not to mention, Toyota earns the top spot as the best automaker for dependability. The Camry, in particular, is known as a reliable, affordable vehicle that accommodates families of all sizes. It looks compact, but it’s rather spacious on the inside. Average prices for a used Camry are under $30,000. 

Dodge Charger 

The Dodge Charger is a large and comfortable sedan. It has a powerful engine, roomy and comfortable seating and a spacious trunk. It’s a great pick for families that prefer a car over an SUV or truck. But, as you may know, the Charger is a muscle car that has a lot of speed, so it’s typically not the best choice for a new driver. While there are some more expensive models, you can get an older Charger for under $30,000 – and some even under $20,000!

Honda Accord 

The Honda Accord is a midsize sedan that’s rated one of the most reliable of its kind. In fact, some people prefer the Accord over the Camry because it has higher torque and more passenger and cargo space. It has been one of the best-selling family-sized vehicles for over 15 years. You can usually pick up a used Accord for $20,000 to $27,000. And keep in mind, you’re getting plenty of luxury features included in this price! 

Subaru Outback 

Subaru has made a few adjustments to the Outback, making it a smart alternative to an SUV. While smaller than a typical SUV, this crossover can haul large items and has convenient features like blind spot monitoring and driver assistance systems. It also has a price that’s more in line with sedans instead of SUVs, with used models starting around $18,000.  

These are some of the best affordable cars you can buy today. They have high safety ratings, the latest technology and comfortable interiors that the whole family will enjoy. To shop for affordable vehicles, visit RepoFinder today. 

selling car for cash

Four Benefits of Selling Your Car to a Private Buyer

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Are you thinking about selling your vehicle to a private buyer? While there will be more work on your end, it could be worth it. For example, did you know that you could take home an extra $1,000 to $2,000 – even if the car isn’t worth very much? By selling your car on your own, you can get retail price. Meanwhile, if you sell to a dealer, you’ll only get wholesale value, which is usually 10 to 20 percent less. 

Below are four benefits of selling your car for cash. And once you have the cash in hand, make sure to start your search for a new vehicle at RepoFinder. We have a huge database of bank-owned vehicles ready for new owners. With our low prices, you can use the cash to cover the down payment  – or perhaps the full price of the car! 

1. Higher Payout

To get the most from your car sale, we recommend paying for detailing and other maintenance your vehicle needs. The money you get from the sale will offset this cost. Dealerships are businesses and need to make money, so they buy used vehicles at wholesale value. In a private sale, you can set your own price. 

2. Quick Sale

While it’s true that you can walk into a dealership and trade in your vehicle in a single day, selling your car privately doesn’t take long either. And, you don’t have to sit in a dealership all day! With online advertising, you can target qualified prospects who are actually interested in buying your car. 

3. Great for Specialty Cars

If you have a classic or specialty car, you can also benefit by selling your vehicle privately. These types of cars have niche buyers. You can use the internet to market your vehicle to the right buyers and potentially drive up the price. A dealership, on the other hand, will likely offer you less because the car won’t appeal to most of their buyers. 

4. Control Over Negotiations 

Most car sales involve negotiations, but when you’re selling your car privately, you’re in control. Of course, it’s important to be flexible in terms of price, but you also don’t have to accept low-ball offers. If you know the buyer is interested, you can both agree on a fair price. You have more say over the process than if you were to sell to a dealer. 

In Conclusion 

These are four benefits of selling your vehicle to a private buyer. The main drawback is the lack of convenience. Rather than having the dealership handle all the paperwork, you’ll be responsible for it. And, you may have to deal with no-show buyers. The good news is that once you have the cash from your sale, you can use that money to buy a new car. Shop with RepoFinder today and find a bank-owned vehicle that suits your needs and budget!

family sitting in car

Best Car Features for Parents

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Shopping for a car is one thing, but shopping for a family car is a whole different experience. You’re not just taking into consideration your needs but also the needs of your family. In addition, it’s likely that the family vehicle will be used for running errands, taking the kids to sports practice and going on road trips. You need something that’s going to accommodate you for all of these activities!

As you start shopping around for a family minivan or SUV, here are some of the best features parents should look for! 

High Safety Rating 

When it comes to driving around the little ones, safety trumps everything. Look for car models that have five-star safety ratings and perform well in crash tests. Other features that make a family car safe include automatic emergency braking, blind spot monitoring, electronic stability control, and side and curtain airbags. 

Plenty of Space 

No matter the size of your family, plan to have plenty of space in your new vehicle. There will come a day (if not now) that you’ll be driving other kids to soccer practice or school. And you’ll be taking your family vehicle on road trips and other family day trips. Everyone should be able to travel in safety and comfort. We recommend getting a vehicle with multiple rows, with the option to rearrange the interior. 

…And Plenty of Storage 

In addition to leg room and comfy seats, you should also focus on vehicles that offer plenty of storage space. Stow-and-go seating is still popular in many hatchbacks, minivans and SUVs. It allows you to pack away up to two rows of seating beneath the cargo floor. This flat space makes it easy to haul large items like groceries, strollers and bikes. 

Reliable Backup Camera 

Backup cameras are a must these days, and they particularly come in handy in busy parking lots and neighborhoods. Using a screen on your dashboard, you can safely back out of your driveway or parking spot with a clear view. You’ll always know what’s behind you, preventing embarrassing moments and serious accidents. 

Remote Keyless Entry 

Another feature we recommend looking for is remote keyless entry, which lets you open and close doors from the touch of the button. This way, you can open up the doors and load up the kids while you’re still bringing in the groceries. And, if you purchase a minivan, you get sliding doors that won’t scratch nearby cars. 

Built-in Sunshades 

Kids get a lot of sun when riding in the car, and there isn’t any protection for them. Even the car decals usually aren’t large enough to cover the entire window. Look for a family car that comes equipped with built-in sunshades so that you can pull them down when you need them. Plus, they darken the car, making it easier for little ones to nap. 

These are just some of the features we recommend looking for in your new family car. There are plenty of other features you can look for as well, such as built-in vacuum cleaners, bluetooth connectivity and backseat cup holders. To find the perfect vehicle for your family at a price you can afford, shop with RepoFinder today!

car driving through lavender fields

Why are Used Cars So Expensive Right Now?

If you’ve gone shopping for a used car as of recently, you were probably surprised to see just how expensive they are. And it’s certainly NOT your imagination. Used car prices have skyrocketed over the past year, and it’s possible that we won’t see these prices go down for quite some time. 

While some people are choosing to keep their current cars, others have no choice but to replace them. If you’re in this same boat, it’s important to understand modern car prices and tips for navigating this changing landscape. 

What’s Causing the Price Increase for Used Cars? 

You’ve likely heard about the chip shortage and how it has impacted new cars. This has had a trickle down effect, impacting the used car market as well.

Microchips are a necessary component for vehicles, and they’re slowing down production worldwide. With far less new car models to choose from, prices have skyrocketed. High dealer markups and a lack of options are forcing people to shop secondhand. 

In other words, a whole new set of customers are shopping for used vehicles and willing to spend money, since they were going to spend it on a new model anyway. This, coupled with low inventory from people not trading in their vehicles, has driven up used car prices. 

What are the Average Prices for a Used Car? 

According to Edmunds, the average price of a used car in November 2021 was $29,011, a sharp increase of 21.4 percent from the same time in 2020. And, more than 2 million used car buyers are purchasing vastly overpriced used vehicles, which means people are putting up the cash. 

However, when you compare that price to the average price of a new car – $47,000 according to Kelley Blue Book – it doesn’t sound too bad. The reality is that cars are expensive right now – new or old – and will continue to be so for a while. 

When Can You Expect Prices to Decrease? 

While no one knows the future, there are some predictions that will hopefully ease your mind. Business Insider predicts that by the end of 2022, prices of wholesale used vehicles will drop by 3 percent compared to the end of 2021. 

However, expect these prices to gradually decrease rather than there being one big drop. It won’t be until supply chains are fixed and production recovers that supply and demand will begin to even out. 

What if You Need a Car Now, But You’re on a Strict Budget? 

If the used car market is out of reach for you, there’s another option: repossessed vehicles.

RepoFinder offers a free list of banks and credit unions that are selling used vehicles, often in good condition. You can save a lot by shopping for repo cars, trucks and SUVs, and you can get the vehicle right away. 

Our inventory is always changing, so check back often if you don’t find what you’re looking for. Discover the many reasons why so many people are choosing to shop for repossessed cars instead of new or used ones – they’re accessible, easy to purchase and give you the most bang for your buck! 

emissions test oil change

What to Do When Your Car Fails its Emissions Test

The majority of states in the U.S. require some sort of emissions testing (also called a ‘smog check’ or ‘smog test’), though how often varies considerably. Even though emissions tests are common – most states require them every two years – most people have no clue what to do if they fail.

Since you need to pass your emissions test to get new tags, you’ll want to know what to do if you end up failing your test. Below is more information on this issue and the steps to take. 

Determine the Reason

There’s a reason why your car failed the test, so now it’s time to find out why. By addressing the issue, you can pass your test next time. Some of the most common reasons why cars fail their smog tests are: 

  • Overdue oil change. Dirty oil releases pollutants that can interfere with your emissions test. Fresh, new oil releases fewer pollutants and ensures a cleaner engine.
  • Car exhaust issues. Extreme weather and general wear and tear can cause problems with your car exhaust. Once you fix this issue, you’ll pass the emissions test and enjoy a smoother ride! 
  • Check engine light is on. When your ‘check engine’ light is on, it’s telling you that something is wrong. Take your car into a repair shop for diagnostic testing. While it could be anything, faulty oxygen sensors are common. 

Get an Oil Change, Go for Diagnostic Testing 

If you haven’t had an oil change in some time, you can start there. Your car is going to need fresh oil anyway. If the check engine light is still on, this means that something else is going on. 

Request diagnostic testing at your local auto shop. A mechanic should be able to identify the problem and a course of action. It’s possible that you have a compromised catalytic converter or faulty gas cap, two things that affect smog testing. 

Once you know what’s going on, you can take the necessary steps to fix the problem and pass the emissions test. If you choose not to, you can be fined, and you may not be able to register your vehicle.

While most dealerships are not allowed to sell a car that wouldn’t pass testing, an as-is sale is different. If you purchased a used car from a private seller, schedule a full inspection to make sure your new car will pass testing. 

paying car insurance

Car Buying Mistakes that Can Make Your Insurance More Expensive

When buying a new or used vehicle, most people are looking at the car itself and its features. They generally aren’t thinking about how much the vehicle will cost to insure, that is, until they call their insurance company. Some cars are more expensive to insure than others, so it’s smart to consider insurance costs before buying a car, not after. 

Let’s check out some car buying mistakes that can raise the rates of your auto insurance for the duration of time you own your vehicle. 

Buying a Car Lacking Safety Features 

When insurance carriers set their premiums, one of the things they look at is the risk of collision. If a vehicle has good safety features, such as collision avoidance technologies and plenty of air bags, the chances of having to pay out a large claim are lower. Therefore, the cost of insurance is lower, too. 

On the other hand, if a car is lacking essential safety features, the chances of something going wrong is greater. As a result, insurance rates are higher. As you shop for vehicles, pay attention to the safety features that are included. They can lower your auto insurance – and save a life. 

Purchasing a Car with an Accident History 

Another thing that insurers track is the accident history. A car that has a history of being involved in accidents is going to cost more. 

For the buyer, it’s not exactly easy to know the accident history on every vehicle unless you pull a report. But we do recommend checking the accident history on a car before you buy it, as well as obtain several different quotes for auto insurance. 

Buying a Car that’s More Likely to be Stolen 

Some cars are more likely to be stolen by thieves than others. If you own one of these cars, your insurance will be more expensive. Insurers have to charge more because they typically provide coverage for stolen cars as long as the buyer has comprehensive coverage. 

And, if you think that the chances for your car being stolen are slim, think again. In 2020, there were over 810,000 vehicles stolen. One of the main ways that cars are stolen is from drivers who leave their keys in the car. 

Not Comparing Auto Insurance Quotes 

A lot of buyers aren’t aware that they can compare auto insurance quotes on different vehicles before making a selection. If you’ve narrowed down your options, ask your insurance provider to run a quote for each vehicle. This way, you can determine how much you’ll be paying each month for insurance. If one car is a lot cheaper to insure, this can be your deciding factor. 

If you’re on a tight budget, keeping these four factors in mind will help you trim your auto insurance rates. To shop for affordable vehicles, visit RepoFinder.com today. Once you’ve narrowed down your search, reach out to your insurance company and have them run a few quotes for you! 

car buying during shortages

3 Car Buying Tips in Today’s Market

If you need to buy a used car in today’s market, it’s probably going to look a lot different than it did the last time you shopped around. Between vehicle shortages, high prices and a booming demand, it’s important to know how to navigate a car purchase in these unprecedented times. 

Let’s check out three tips from the experts that will help you make a smart car purchase in 2022. 

1. Realize What You’re Up Against – and Adjust Your Expectations 

First thing’s first – you need to realize what type of market you’re buying a car in. There’s a computer chip shortage, which means new vehicles aren’t getting made. Plus, car manufacturers are still catching up from other pandemic-related factors such as shutdowns and quarantines. 

The cost of materials is also high. Steel, for example, increased by 200% last summer. Despite these challenges, there’s a booming demand for cars. A strong economic recovery, low interest rates and government stimulus checks have boosted much of this demand. However, automakers can’t keep up. 

2. Be Flexible – Don’t Limit Your Options 

Right now, flexibility is key. There’s a good chance that you won’t find exactly what you’re looking for at the price point you’re used to, so it’s important to keep an open mind. Chances are, there are a variety of brands, models and options that will fit your needs. 

It’s also worth considering older models, as many haven’t changed that much in terms of design and features. You can also expand your search by browsing less popular car types such as sedans, hatchbacks and smaller SUVs. 

3. Prepare to Pay Up – Vehicles Cost More Than They Used To 

Even if you’re able to find everything that you want, be prepared to pay more than what you’re used to. New cars are selling at or above MSRP. Used cars are worth thousands more than they were before the pandemic. This is supply and demand at its finest. 

And remember, dealers and private sellers are aware of the shortages and high demand. They likely won’t be interested in negotiating much, if at all. Expect to pay at least sticker price for the car you want. If you don’t want to pay this price, someone else will. 

If you need to buy a car in these unprecedented times, browse the inventory at RepoFinder.com. We have repossessed cars, trucks, SUVs and recreational vehicles at affordable prices – and they’re available to buy today!