Buying a New Car More Attractive Due to Higher Used Car Prices
Due to the large drop in new car sales over the last year, used car prices have been steadily inching up.
The average wholesale price of a used vehicle in June was $10,167, according to ADESA Auctions. This is the first time the average price broke the $10,000 level in over a year.
In addition to weak new car sales, rental car companies have been keeping their cars longer instead of selling them at auction after only 2 to 3 years. This has reduced the number of used cars for sale.
This is all good news if you're looking to buy a new car and have a trade-in. Higher used car prices makes buying new more attractive while also increasing the amount you get for your trade-in.
Some used cars have gone up in value so quickly, the pricing guides have not kept up with the changes. Keep that in mind if you're going to be selling your used car, you don't want to get short-changed. Use our Car Trade-In Tips to get the best price for your used car.
My Recommendation for Car Shoppers
TrueCar and Edmunds 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.- Gregg Fidan
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
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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