Providence Ranked as One of Most Affordable Cities to Buy a Used Car
Wednesday, August 31, 2016
Providence has been ranked as the 9th most affordable city to buy a used car in the United States, according to CarGurus.
Providence is ranked inside the top 10 just ahead of Worcester but behind Toledo, Ohio and Boston, Massachusetts and 7 and 8 respectively.
Miami, Florida is ranked as the most affordable city to buy a used car, while Fresno, California is the most expensive.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“While staying local makes sense for most car shoppers, they also may not be aware that car prices do vary across the country. Expanding a car search to a nearby city can sometimes yield significant savings, and for those truly driven by price, it might be worth it,” said Lisa Rosenberg, data analyst at CarGurus.
Overall, the analysis showed a strong concentration of higher used car prices in cities on the West Coast.
The Method
CarGurus applied mathematical models to analyze and compare millions of car listings and help car shoppers find great deals in their local market. For the analysis, CarGurus compared Instant Market Value (IMV) data on over 5 million used cars listed for sale in the largest metro areas in the U.S. to determine how prices stack up in different cities.
Analysts compared prices on used cars (model years 2001-2016) in each metro area to the nationwide average for comparable vehicles, then averaged the price differences for the individual cities studied to determine an overall percentage difference for each city versus the national average.
Metro areas are defined as the area 50 miles around the city center.
Related Slideshow: The Ten Most Stolen Cars in Rhode Island
Related Articles
- The 10 Most Stolen Cars in Rhode Island
- Gencarella: TOLLS - Trucks Today, Cars Tomorrow.
- NEW: Providence Ranked 22nd Sexiest City in America
- NEW: Providence Ranked 7th Worst City in U.S. for Families
- Providence Ranked Least Honest City by Honest Tea
- Providence Ranked Worst City to Retire
- Providence Ranked Worst City for People with Disabilities
- Providence Ranked 5th for New England Metros: Personal Income Growth
- Providence Ranked Worst in State for Recycling
- NEW: Providence Ranked 3rd Best City for 20-Something Artists
- NEW: Providence Ranked 3rd Most Romantic City in U.S.
- NEW: Providence Ranked #2 for Best Downtowns in US
- NEW: Providence Ranked 12th Snowiest City in U.S.
- Providence Ranked One of America’s Most Overpriced Cities
- NEW: Providence Ranked 11th Best City for Shopping Local During Holiday Season
- Providence Ranked as One of U.S.’ Most Diverse Communities, Warwick Among Least
- NEW: Providence Ranked #6 Best Small City in U.S. for Filmmakers
- Providence Ranked in the Top 50 for Soccer Fans
- Providence Ranked as 38th Best City for Hockey Fans in US
- NEW: Providence Ranked Worst City For People With Disabilities
- Providence Ranked as 3rd Worst City to Retire
- NEW: Providence Ranked 14th Unfriendliest City in America