Used-Car Prices Rise Again, Should Go Even Higher

Buy used or hold on to the car you have?

If you’re in the market for a used car, it’s more important than ever to be prepared and do your research. Prices for used vehicles keep going up, which means the longer you wait to pull the trigger, the more you’ll pay.

That doesn’t mean you should buy a car if you don’t really need it. I have a friend, for instance, who owns a 2004 Honda Pilot with just over 100,000 miles on it. He owns it outright and told me he’s starting to think about trading it in for a newer model. To that I answered, “Why on Earth would you do that?”

The Pilot hasn’t given him an ounce of trouble and fits his young family perfectly, and his wife feels safe driving it in the snow. The only reason he could think of to upgrade is because he wants something newer. For some people, I guess, that’s plenty of reason to justify a new car payment. Heck, the car dealers bank on people like my friend, and if that’s how he wishes to spend his money, well, I can think of worse ways.

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