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Used car prices have soared this year, and according to market analysts, they may remain high for some time. The reasons are complicated. In short, the global shortage of microchips means that automakers cannot build new cars fast enough to meet demand.

The decrease in new car sales has increased the demand for used cars, driving prices above normal levels by more than 40% last summer. "Because the financial risks are so high, careful research is more important than ever," said Jake Fisher, director of CR Automotive Testing Center. No matter what your budget is, our strategy and model profile here will help you find quality used cars at the best prices in this unusual market.

Safety equipment In recent years, more and more new cars have adopted advanced safety and driver assistance technologies as an option, even if they are not standard equipment. This means used cars are easier to obtain, with features ranging from automatic emergency braking (AEB) to adaptive cruise control. Among these functions, Consumer Reports strongly recommends AEB with pedestrian detection and blind spot warning functions. "We think it's worth the extra effort to ensure that your next car has these critical safety features," Fisher said.

Strong reliability narrows your field to models that have outstanding reliability in CR surveys. But remember, every used car has its own history of use—sometimes even abused—so it’s always a good idea to have a trusted mechanic inspect any used car you’re considering before buying. “Because cars are selling so fast, it may be difficult to get sellers to agree to mechanical inspections,” said John Ibbotson, CR's chief mechanic. "But having a trusted mechanic inspect any used car you are considering buying is a good way to ensure that it will be safe and reliable in the future."

Age Due to the current market, only one or two years old cars will not depreciate a lot, and may even cost the same as new cars. For this reason, you may find better value in a car of 3 to 5 years old. Many of them have just ended their leases and are well maintained. In today's highly unusual market, you may want to consider using older models than usual to meet your budget goals. Fisher said: "Try not to be trapped by things that will be worth less than the loan amount you owe in a few years." "Paying a higher-than-normal price now may mean that the car will lose value over time. quick."

Search online to view sites such as the CR used car market and Vroom. If you are willing to buy from individuals rather than businesses, you can find listings on Craigslist and Facebook Marketplace. Be prepared to act, because sellers are unlikely to hold cars in this market for a long time. "Transactions may disappear quickly, so you may need to act quickly," Fisher said. "But don't rush for success, so as not to overlook important details, and eventually cause you to regret your purchase."

Buy out your lease Almost all lease contracts come with a buy out clause, so please consider buying your leased car at the end of the term. If the buyout price of your car was set before the pandemic, it is likely to be much lower than the value of the car currently on the open market. "In the current market, buying the car you have been renting may be your best choice," Fisher said. "If you buy another car at today's high price, you will be able to maintain the level of functionality and comfort you are used to, and you may have to give up."

Choosing less popular models In recent years, SUVs and pickups have been very popular as always, which means that there will be fewer and fewer models that car owners want to give up. You may find better usability on less popular models (such as cars, hatchbacks, minivans, and front-wheel drive SUVs)—maybe even a deal.

Compare offers to determine your budget, check the monthly and total costs, and get pre-approved offers from the bank or credit union before going to the dealer. If the dealer cannot exceed the quoted price, you can be confident that you are getting a good loan interest rate. Fisher said: "Walking into a dealer with a financing institution can give you an upper hand in the negotiation."

Be wary of extended warranties. Extended warranty plans are usually worthless: On average, paying for repairs out of your pocket is cheaper than buying a plan that may never be used. If you cannot buy a second-hand car that is still covered by the factory warranty, the best way is to buy a model with a good history of reliability, or a certified second-hand car, which usually comes with some type of warranty. If you decide to buy a warranty , For example, for mandatory models with dubious reliability records, make sure you know what the plan covers and what’s not. “Most people are best to save money for accidental repairs because the extended warranty contract contains complicated legal language that may be difficult to understand,” said Chuck Bell, the project director of CR's publicity department. "In addition, dealers can mark the warranty coverage at different prices for different people."

Don't rent a used car. Leasing a used car has significant financial risks, including the potentially high cost of repairing a vehicle you don't even own. If you do rent a used car, try to get a car that is still under the factory warranty, or if there are not many exceptions, consider buying an extended warranty. It is also possible to take over other people's leases through a company like Swapalease. In this case, the car is probably still under warranty and has a better repair record.

Viewing car history reports from Carfax or other reputable agencies can reveal the car’s accident history and whether it is regularly repaired.

Walk around the car and visually inspect the car on a dry, sunny day to better spot defects and potential problems. Observe for signs of rust, liquid leakage and collision repair at the bottom. Turn each knob and press each switch to make sure everything is in order. If you smell musty, the car may have been in water or there may be a leak somewhere, which may mean invisible water damage.

Test drive Before you start driving, please make sure that the size of the car fits your needs, the seat is comfortable, and its controls will not drive you crazy. While driving, look for visible exhaust fumes, abnormal vibrations, and the smell of burning liquid. After driving, check for oil leaks under the car, remember that if the air conditioner is turned on, there will be a pool of clean water under the car.

This suggestion of mechanical inspection is very important, and we think it is worth repeating: if possible, ask your mechanic to inspect the car, or at a critical juncture, ask a friend who is proficient in car maintenance to inspect the car. Unless the car is covered by a warranty or service contract, once you drive home, any problems it encounters are your problems. (Learn more about how to check used cars.)

Based on CR's ratings and reviews, these selections of used cars (mainly SUVs because they are popular) are likely to satisfy buyers. Smart Choice models have always been consumers' favorites; the models under the radar are not that popular, but they have a strong reliability record, and when CR tested them as new, they scored high overall on road tests.

These cars are at least ten years old. However, if your budget is tight, according to our reliability data, they cost less than $10,000 and perform very well. Nevertheless, we still recommend that you review the vehicle history report and conduct a mechanical inspection before deciding to purchase. (Learn more about how to protect yourself when buying a used car.)

The displayed price may change due to market fluctuations. Cars are organized by price.

2009-2011 Honda Accord price range: US$7,000 to US$10,325 Although the facilities are simple, the Accord of this year is reliable, fuel-efficient, and comfortable.

2008-2010 Honda CR-V price range: $7,075-10,200. This is a favorite CR-V all year round. This early CR-V still has good reliability and fuel economy, as well as a spacious interior Space and sufficient cargo space.

2010-2012 Honda Fit Price Range: $7,150-$9,350 Good reliability, 30 mpg overall fuel economy, and amazing interior and cargo space make this small station wagon a wise choice.

2010-2012 Toyota Prius price range: $7,400-10,625. The spacious interior, the versatility of the hatchback and the overall fuel economy of 44 miles per gallon are all good reasons why most people think this car is worth buying.

2010-2012 Toyota Corolla Price Range: $7,725-$10,000 This small car has been value for money for a long time, with an overall fuel economy of 32 mpg; spacious, quiet indoor space; and first-class reliability.

2009-2011 Toyota Camry Price range: $7,800-$10,025 Although the handling is not particularly exciting, the above-average reliability and fuel economy as well as spacious interior make the Camry a good choice.

2011-2012 Infiniti G price range: US$9,050-10,800. The G sedan is fun to drive, with flexible handling, very good reliability and good fuel economy, despite the use of high-quality fuel. But the interior and trunk are a bit tight.

Editor's note: This article was also published in the November 2021 issue of Consumer Reports.

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From Baghdad in Iraq to the Detroit Auto Show, along the US-Mexico border, and anywhere in between, my reports have taken me everywhere. If my travel has taught me anything, it is consumer goods—the center of everyday life around the world. This is why I am happy to be able to shed light on what works, what does not work, and how people can enrich their lives by becoming smarter consumers. When I am not reporting, I usually stay at home with my family, surf on the beach, or twist my 74 Olds in my driveway. 

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