For someone who’s in the market for a sports utility vehicle (SUV), now may be the perfect time to look into buying used and still getting a great deal.
With the memory of gas prices reaching or exceeding $4 per gallon a couple of summers ago still fresh in most people’s minds, as well as the push by the federal government for smaller, more fuel efficient vehicles, the current used SUV market is one that favors the buyer. Many dealers have plenty of certified used sports utility vehicles on their lots at low prices.
In addition, the Federal Reserve kept interest rates unreasonably low in the past while manufacturers were making too many SUVs too fast. This has led new car prices to crash, causing some owners to sell their relatively new SUV fast to cash in on a new vehicle.
This is good news for somebody who either wants or needs a used SUV for low price because they will literally have their choice of make, model, color, options and prices. Check classified ads in local newspapers, online or even visit several car dealers’ lots. However, the window is likely closing on some of these deals.
Many people are buying some good used SUVs for your money to act as a secondary vehicle to be used to cart the entire family around while using a smaller car as primary transportation. The spaciousness and amenities in many of the recent models of sports utility vehicles make them better options for long trips.
Used SUVs for very low prices now come in compact, mid and large size and all three can be found for sale as used, either through private sale or on dealers’ lots.
Compact SUVs combine spacious cabins with the handling of a smaller car. The smallest of the SUVs, these vehicles are still large enough to sit four adults comfortably with enough gear for a weekend getaway. A design change in the chassis in recent years allows for better gas mileage but also limits towing power and off road capability. An example of a used compact SUVs include the Jeep Liberty, which offers a diesel model and has an average sale price of between $4,200 for a 2002 to $13,500 for a 2008. Other good used compact sports utility vehicles include the 2005-2006 Chevrolet Equinox, starting at around $10,000, the Honda Element ranging from about $14,300 for a 2004 to $21,000 for a 2008 and the Subaru Forester, which starts at about $7,000 for a 2002 and reaches about $17,000 for a 2008.
The Equinox has been designed with space a priority, using a sliding rear seat that can add up to eight inches of space, to a front passenger seat that folds down completely to add more cargo room. Even the area above the wheel wells can be used for storage. Towing capacity is 3,500 pounds. The Element has a short, boxy design which makes parking easier and provides more interior room. The Forester offers all-wheel drive and a smooth ride not often found in compact SUVs. The Liberty has a more rugged design, more cargo space and towing capacity of about 5,000 pounds. The second row seats fold flat, as does the front passenger seat for more cargo room.
Other used compact SUVs include the Honda CR-V and the Toyota RAV4. These models can range in price from $5,000 for a 2000 to $24,000 for a 2008.
Mid-sized SUVs offer even more room and towing power. According to J.D. Power and Associates, used mid-size sport utility vehicles are selling for 10 percent less than they were about eight months ago.
Included in this category is the Ford Escape, which features good fuel economy and passenger and cargo space. Prices range from about $7,000 for a 2005 to around $23,500 for a 2008. Another option is the Chevrolet Trailblazer, which has better towing capacity and loads of room, but is only middle of the road on gas mileage. They can range in price from around $5,000 for a 2002 to $22,100 for a 2008. Three years ago, Chevrolet offered some great lease deals on the 2006 models, many of which came loaded with an entertainment package including a six-disc CD stereo, XM Satellite Radio and a sliding moon roof. These leases came due just as gas prices were skyrocketing and these models may still be on the used SUV market for a great deal. One of the best mid-sized SUV deals on the used market may be the 2004 Hyundai Santa Fe, which has a 138-hp 4-cylinder engine that gets 20 miles to the gallon in the city and 27 mpg on the highway. The 2004 model with about 66,000 miles can be purchased used beginning at $6,500, compared to nearly $18,000 for a new model.
Most of the used SUVs listed in the compact and mid-size classes are used by those who need a little extra room for hauling people or cargo but want a more stylish look than that provided by a minivan. However, some want an SUV that can handle going off road as easily as staying on it. The large class SUV provides the most towing capacity, the best off road experience and even more room.
The Toyota Land Cruiser is a favorite in this category, offering excellent 4×4 but also handling well on the road. The 1998-2007 models offer a great deal of features, including downhill assist and traction control that help it from getting stuck. The Land Cruiser can be bought used starting at around $29,000 for a 2005 up to $50,000 for a 2008. Compare this with a new model at $62,000.
The Chevrolet Tahoe is also near the top in the large class SUV used market. It comes with a full truck frame and powerful engine giving it great towing capacity. Its power and flexibility make it a great used buy, ranging from $15,000 for a 2003 to $30,000 for a 2007.
For anyone who’s been interested in buying an SUV, market conditions are perfect for a quality used model at very reasonable prices.
Tags: new car prices, sports utility vehicle, sports utility vehicles, suv market
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