Used Car Prices Hit Record High
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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About The Author
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.Latest Weekly Car Buying Tips
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