Driving a Clunker? You’re Not Alone! -- Average Vehicle On The Road Is 12 Years Old

 SOURCE:

boldtv.com

"Is your car a clunker? If you’re driving around in a 10-year-old car, you’re the average American driver! The average age of an American car on the road is now over 12 years old. So if you have been driving around with a 2010 Toyota Camry, 2006 Honda Civic, or 2009 Ford F150 like many of us are doing now, stop feeling so bad about it- it’s completely normal.

Clunkers are the norm now

 

In America, you can finance a car almost entirely. So you can drive it off the lot with very little money down. And the salespeople at the dealership will do everything to make that happen, so keep an eye out. But the average price of a new car is now very high, $47,000 – up from $40,000 last year.

Even with free or low-interest financing over five years, that’s more than an $800 a month payment! That’s insane. If you have bad credit and can’t get financed for more than 10% down, your monthly payments could be $1,000 a month. That’s not sustainable for most people. So what are we doing? We’re driving around in clunkers because they are cheap, and we don’t want them anymore, but we don’t want to pay $500 a month on something newer either.

High prices aren’t going away anytime soon

Prices are up across the board because of severe shortages, and many car insiders say these car shortages will last at least another year. That’s why most people don’t buy new cars, so they look to used vehicles. But that’s a problem too because prices are up 40% from a year ago! And now you know why people are holding off on buying new cars and driving a clunker instead, even if they have the money.

But what happens when your clunker finally dies, and you don’t have any alternatives? You can buy a car like a Hyundai Accent for around $17,000. You might remember this cute little tuna can from your last uber ride. It’s one of the slowest cars on the market, taking 9 seconds to go zero to 60. But, hey, it’s cheap, available, and a lot less than most used cars. 

What to look for when buying a used cars

When shopping for used cars, it’s wise to know what you’re looking for and how to find them. To see if someone is overcharging you, you can always check the MSRP or Blue Book value. If they don’t match what’s on the window sticker, the seller could be taking advantage of you. Another tip is to get an independent inspection of any car before buying it. The check is vital if you’re buying a car from someone else. 

It doesn’t necessarily mean the person is trying to scam you. Many of us don’t know everything about cars. An unlicensed seller might not even know if something’s wrong. If there are significant problems with a vehicle, an inspection will let you know. That way, you can avoid any surprises. Of course, you’ll probably still drive around and pray to a higher power every time you go to the mechanic that you don’t have to shell out more money. But, when that happens, remember: you’re living in the new normal."