Used Car Prices Hit Record High

Used car prices have hit an all time.

The Manheim Used Vehicle Value Index rose 6.9% in September to 118.5, the highest on record. To give you some comparison, the index was at 100 in January 1995.

The reason for the price increase is simple: The supply of used cars has dwindled due to a combination of the "cash for clunkers" program and the fact that rental car companies are keeping their vehicles for a longer period, thus limiting the number of used cars entering the market.

If you're shopping for a new or used car, this won't affect you much if you have a trade-in. However, if you're shopping for a used car without a trade-in, then perhaps you should wait a few months.

Analysts are predicting the price increases won't last. Now that the "cash for clunkers" program is over, used car inventories should start creeping back up again.

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