Throughout the pandemic, used car prices have skyrocketed in Australia. Experts weight in on what that means for those looking to purchase a second-hand vehicle in 2022.

MELBOURNE, AUSTRALIA, February 10, 2022 /24-7PressRelease/ — According to a leading finance broker, National Loans, who provides various types of asset loans including car and boat finance as well as caravan finance, many Australians turn to the used car market to save money when they can’t afford to purchase a brand-new car. However, with second-hand vehicle prices rising over the past year, many buyers are finding themselves pushed out of the market altogether.

National Loans explains that in 2021, the semiconductor chip shortage slowed down the new car market which pushed used car prices up significantly. Data obtained by vehicle comparison site, CarsGuide, found that in December of last year the average second-hand vehicle price on Gumtree rose by 29 per cent and increased by 25 per cent on CarsGuide and Autotrader.

For those questioning whether now is the right time to purchase a used car, National Loans says the decision ultimately comes down to urgency. As always, National Loans recommends buyers conduct thorough research, shop around and be prepared to haggle or walk away.

When it comes to research, National Loans says buyers should compare car prices, makes and models to find out what they want and can afford. It’s important for buyers to see the car in person and take it for a test drive to identify any potential issues and get a feel for the way the car drives.

Additionally, National Loans stresses the importance of conducting all the necessary checks such as mechanical checks and going through the car’s history. Getting a mechanic to check out the functionality of the vehicle and ensuring it is roadworthy is critical.

Shopping around for a low-rate car loan is a good idea as is securing pre-approval to help work out a budget. Loans from National Loans are made simple with rates from 3.85 per cent and fast approval in as little as one hour.

To find out more about car loans or other asset finance including a boat loan or motorbike finance, contact National Loans today.

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