Buying Used is a Smart Choice During Inflation Years
Posted on October 7, 2022 by Rick Griffith
The past few years have strained many parts of the global economy, from ongoing supply chain issues to a national housing crisis to rising inflation rates. To combat these economic challenges, the Federal Reserve raised interest rates, making it more difficult for consumers to borrow money.
Consumer Price Index
According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) is the highest in over 40 years. The CPI rose 8.3 percent year-over-year from August 2021 to August 2022. Items that frequently hit consumers hardest are going to be everyday things, like:
- Grocery bills
- Gasoline prices
- Healthcare costs
With an increase in the cost of living and the increase in interest rates, consumers looking to secure lending may find it challenging to secure for these big-ticket items:
- Home mortgages
- Car loans
How to Inflation Proof Your Budget When Buying A Car
If you’re like many Americans, sometimes life sneaks up on you, and when you least expect it, you find yourself needing one of those big-ticket items, like a car. Which can leave you traversing the traditional auto loan process. But instead of stressing over whether you’ll be approved for an auto loan or wondering if you can afford the car payment because of a high-interest rate, there is another option.
Try finding a Buy Here Pay Here dealership. These dealerships could help you avoid additional costs for a vehicle by lowering your overall out-of-pocket expenditure. That could cost thousands more if you went with a traditional auto loan.
So, if you’re looking to buy a vehicle in this high-inflation market, buy used from a Buy Here Pay Here dealership. Reputable dealerships will work with you to make an affordable payment plan that you can still afford to live within your means.
They will also report to one or all three credit bureaus—Transunion, Equifax, and Experian—to help keep your financial credit in good standing, providing you make on time payments. Making on time payments is very important. By doing so you can greatly improve your credit score.
Car Credit, Working to Get You Back on Financial Track
The Car Credit team understands that financial challenges mean no one should feel shame. But unfortunately, these past few years have hit many Americans’ finances hard, and there’s no team working harder to safeguard your privacy regarding your finances.
That is also true of every car they sell. They have a rigorous reconditioning program for every vehicle because you and your family’s safety is of great importance to the team at Car Credit. If a car doesn’t pass Car Credit’s quality standards of safety and reliability, it never goes up for sale to the public. Instead, those vehicles are sold for wholesale.
That’s the kind of service you should expect from any dealership. So call Car Credit today at (417) 624-8500, or visit them online to learn more about their current inventory of cars, SUVs, and trucks. After all, you and your family are worth it to the team at Car Credit.
To get started, apply online today!