Used Car Prices Finally Drop After 5 Month Streak
Starting in November 2008, used car prices kept rising for 5 consecutive months. Buyers were avoiding new cars and opting for used, which drove prices up.
Last month, used car prices finally broke the streak and fell nearly 1% from the month prior. Prices dropped 6% when compared to the same time last year.
Not all segments dropped however. Luxury vehicles and pickup trucks still increased in price (by about 2%).
Nevertheless, used car prices seem to have leveled off a bit and the opportunity to get a good deal over the next few months has increased.
My Recommendation for Car ShoppersTrueCar, Edmunds, and 1-800 Car Show are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
California Residents - Important:There is a new online car buying service called Roadster, available only to California residents, which I highly recommend you try - especially if you hate the stress of haggling with a car salesman. They provide an expert concierge who negotiates the price of the car and delivers it to your home with zero hassle - you never have to interact with a dealership. Here is my in-depth review of Roadster and why I recommend it.
- Gregg Fidan
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About: Gregg Fidan
Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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