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Used Car Prices Going Up Short Term

August 13, 2009

Hyundai Genesis If you're looking to buy a used car, you may want to hold off until the end of the year.

This is due to a spike in prices attributed to the "cash for clunkers" program.

Under the program, up to 750,000 cars will be scrapped rather than being resold.

This is a huge reduction in inventory which drives the values of existing used cars higher.

Furthermore, many dealers are reporting an increase in used car sales after consumers come to the dealership only to find out their trade-in doesn't qualify as a clunker. Since they're already at the dealership, they end up buying a late-model used car.

The spike in used car prices is predicted to collapse after the cash for clunkers program ends.

If you're looking to buy a used car, wait until the end of the year. If you're looking to sell your used car, you may want to take advantage of the temporary spike while it lasts.

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My Recommendation for Car Shoppers

TrueCar, RydeShopper, and CarsDirect 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

Gregg Fidan

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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