Used Car Prices Drop for First Time this Year
Wholesale used car prices have recently begun to decline again, after a long period of escalation.
This October, prices dropped for the first time since December 2008, particularly for full-sized cars (by 10.2%), mid-sized cars (by 5.4%), and trucks (by 5.2%).
Used car sales normally see a decrease in the fall season. And with the Cash for Clunkers program now over, this year's 4.4% plunge hardly comes as a surprise. The used car supply has grown lately thanks to the spike in new car sales, which involve trade-ins.
While Cash for Clunkers was in operation, used car inventories remained limited as many used vehicles were disabled for the market.
Now as the year inches toward an end, buyers can be on the lookout for a growing supply of used vehicles � and better prices at car lots.
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.
- 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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