Buying used cars is tricky and often downright irritating. The used car marketplace is often made to be intentionally difficult and confusing, but there are ways to win, we just have to get creative. Ever considered checking out car rental services for a used car for sale? Turns out, that’s the cheapest way to buy a used Chevy Silverado 1500.
The used car market has blown up during COVID. The pandemic has made the need for personal space a necessity, and in turn, given way to a surge in used car sales.
Why are Silverados selling so cheaply?
Car rental services like Enterprise and Hertz have been selling cars and trucks for below-market prices for a while, and most of never knew. Because of how rental companies buy their fleets in bulk, they tend to get better prices at wholesale. Since they buy them more cheaply and make a profit off of the rentals, they can afford to sell slightly below market to move inventory more quickly, making their rental selection more up to date.
The car search engine, ISeeCars, looked at 8.5 million used car sales across the internet and found that rental companies were, on average, selling cars at 1.6 percent ( about $303) under the market value of used vehicles. Not only are they reporting below-average prices, but ISeeCars also notes that rental car companies are more likely to work with buyers due to COVID-19-related financial hardships.
Save money on buying a Chevy Silverado
While it’s true that these rental companies are 1.6 percent below the average prices of used cars, specific models are below market value by almost five times that amount. The best deal they found at ISeeCars is the Chevy Silverado 1500, which has sunk below the average market price by 6.6 percent. That percentage works out to about $2,000. That’s a solid half year’s worth of car payments.
Here’s what the Executive Analyst at ISeeCars, Karl Brauer, had to say, “With truck demand particularly high over the last several months, it can be tough to find a good deal. Consumers looking for a late-model, full-size used truck should consider local rental car sales inventory.”
According to ISeeCars, over 98 percent of the inventory for sale at car rental companies is three-years-old or newer. This should help put some fears of condition and reliability to rest, at least a little. Of the 25 most popular vehicles reported by the rental companies, 13 have greater savings than others sold through conventional dealerships.
Other great rental values
If you don’t need a Chevy Silverado, don’t worry, they have great savings on a number of other very popular models. The best savings following the Chevy are, Honda Civics at 6.3 percent below market value, Nissan Altima at 6.2 percent, Ford Explorer, Jeep Grand Cherokee, and Chevy Equinox all come in around the mid-to-low three percent below market value.
Where else to find deals
The car rental companies aren’t always the best deal though. Most rental companies aren’t going to offer a wide variety of inventory and certainly are less likely to have a car in a specific color or options package. Also because the rental inventory is almost always newer models, if a buyer wants an older model, the dealership may be the only way.
Value is great, but it’s ok to be picky about cars, too. According to ISeeCars, they found that for specific brands and models, the conventional dealership could be the better option. with an average of around 1.6 percent under market value, these models are cheaper at dealerships; the Subaru Outback and Forester, as well as the Mazda CX-5.
There are many factors that at play when deciding to buy a used car, but the price is a big one. Hopefully, with the more we know about the used car market place, the easier the whole process will be. Happy hunting.