buying

Buying a car will be even more of a nightmare this summer as inventory dries up. Here’s what you need to know if you’re shopping around.

used car dealership
used car dealership

Alan Diaz/AP Images

  • The COVID-19 pandemic didn’t tank the used car market like many thought it would.

  • Currently, used car demand is strong because new car inventory is down.

  • It’s still possible to get a good deal; you just have to act fast and be flexible and patient.

  • Visit Business Insider’s homepage for more stories.

Just because there’s the ongoing COVID-19 pandemic to worry about, it doesn’t also mean you have to hit pause on all aspects of your life. Perhaps you’re thinking about buying a car this summer. 

Business Insider spoke with Tom McParland, who runs a service called Automatch Consulting that helps people buy cars, about some advice. 

As he writes for the automotive site, Jalopnik, McParland warned that this year’s Fourth of July car deals might not be as great as people expect because of low inventory, cheap financing being walked back

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These 15 car models saw the greatest growth in used sales since customers started buying again

2918 Nissan Rogue Sport.
2918 Nissan Rogue Sport.

Nissan

  • Car search engine and automotive research firm iSeeCars.com created a list of 15 vehicles that saw the greatest used car sale growth from May 2019 to May 2020.

  • The list also included the vehicles’ respective month-over-month growth in 2020 from April to May.

  • iSeeCars.com’s list — which is ranked by highest to lowest year-over-year growth — is topped by the Honda HR-V, which saw a 53.1% increase in used car sales from May 2019 to 2020.

  • However, the Mazda CX-5 saw the largest used car sale growth from April to May with a 108.9% spike.

  • On average, used cars saw a 12.5% decrease in sales from May 2019 to May 2020, but a 105.5% increase from April 2020 to May.

  • Visit Business Insider’s homepage for more stories.

Car search engine and automotive research firm iSeeCars.com created a list of 15 used vehicles that saw

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Americans buying more used cars in coronavirus economic uncertainty

A worker walks through the vehicles stored in the lots at the Cox Automotive Inc. Manheim Pittsburgh vehicle auctioning location in Cranberry Township, Pa. (AP Photo/Keith Srakocic)

 

NAPERVILLE, Ill. — At the height of the coronavirus pandemic in mid-April, used-car dealer Alex Tovstanovsky had vehicles jammed six rows deep on his lot in the western Chicago suburb of Naperville.

But the seeming oversupply was not a mistake.

Despite plummeting sales at his store, Prestige Motor Works, Tovstanovsky was betting on a recovery, buying dozens of cars in early April as auction prices for used vehicles dropped.

That bet is now paying off. Tovstanovsky can offer cars cheaper than local competitors, and his sales jumped 38% in May versus May 2019.

“This is an election year, and I felt the Trump administration and the Republicans in Congress would do whatever it took to keep the economy strong,” Tovstanovsky said.

Rising demand

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