It's the best time to buy a used car in 16 months — as long as you don't have to take out a big loan

Dec 8 2022 by Business Insider

 
Car dealership.

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Used car prices have fallen to their lowest level since August 2021. But high interest rates continue to keep vehicles out of reach for many buyers. Those less reliant on financing for their car purchases, however, could stand to benefit.

Over the past few years, record used-car prices have become emblematic of the sky-high inflation across the US. While this is finally changing, many car buyers may be forced to continue waiting on the sidelines. 

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