Here's How To Save Up to $2,000 On a Used Honda Civic, Chevy Silverado, or Nissan Altima
Recent changes to the new and used car market have used car shoppers finding prices rising steadily. Particularly among the most desirable models like the Honda Civic and Nissan Altima. Dealers and private party sales are among the most expensive ways to shop.
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However, a new study by iSeeCars.com has found that where you shop for your used car can make big difference in the price. The study found that ppular used car models like the Honda Civic, Nissan Altima, and trucks like the Chevy Silverado, can be found at significantly lower prices from rental car companies.
Researchers at iSeeCars.com analyzed 8.5 million used car sales across the three dealer types of traditional local dealerships, virtual dealerships, and rental car companies. The study concluded that rental car dealers consistently provide the greatest savings, while local dealerships are priced close to market value and virtual dealerships are priced above market value.
“As contact-free online dealers have gained popularity as a safe alternative to traditional dealerships, and as struggling car rental companies unload their inventory, consumers might be considering these alternatives to traditional brick and mortar dealerships,” said iSeeCars Executive Analyst Karl Brauer. “It’s important that used car shoppers compare prices across these types of dealers if they want to get the best deal possible on a used car.”
Among the best deals were the Chevrolet Silverado 1500 and the Honda Civic. These are two of the best selling vehicles in America and both are popular used vehicle choices. The Silverado can be up to $2000 less expensive when purchased from a rental car dealer versus other methods. The Civic, up to $1000 less.
“Because rental car companies buy their cars at a high volume and at a discounted rate, they’re able to sell these vehicles for less to consumers, and they price the vehicles to sell in order to move their inventory quickly,” said Brauer. “Additionally, rental car companies are also more likely to discount their vehicles given the financial hardships they are facing from the COVID-19 pandemic.”
Not all vehicles analyzed were less expensive from rental car dealers. For example, the study concluded that the Toyota Corolla, and GMC Sierra were best purchased fomr a local dealer or private party.
Rental cars have a reputation for being abused by those who rent them. This is no secret. iSeeCars noted the possible limitations of buying from a rental car company. “Rental cars typically have higher mileage and more wear and tear because they have had many drivers who may not be as careful with the vehicle as they would be with their own car,” said Brauer. “Rental companies also typically buy the base model of a vehicle, so consumers who want higher trim levels may have difficulty finding the specific version they want.”
Would you consider a rental car as your next used car purchase? Tell us why or why not in the comments below.
John Goreham is a long-time New England Motor Press Association member and recovering engineer. Following his engineering program, John also completed a marketing program at Northeastern University and worked with automotive component manufacturers. In addition to Torque News, John's work has appeared in print in dozens of American newspapers and he provides reviews to many vehicle shopping sites. You can follow John on Twitter, and view his credentials at Linkedin
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