RealCarTips Logo

Used Car Prices Expected to Drop in 2010

January 7, 2010

Used Car Prices in 2010The best way to maximize savings when buying a car is to purchase one that is 3 to 4 years old. This way, you'll avoid incurring the largest cost of a new vehicle - depreciation cost.

This past year however, used car prices steadily increased due to unusually low supply. With new car sales near 30-year lows, people were trading-in fewer cars for new ones. In addition, rental car companies were keeping their vehicles for a longer duration rather than upgrading to newer models.

According to USA Today, there were 8 million fewer used cars and trucks over the past two years.

If economists are correct, that's about to change in 2010. Car sales have recently improved and economists are expecting a 15% increase in new car sales this year. This means more people will be trading-in their used cars, thus increasing the supply.

This is good news if you intend to buy a used car this year. But keep in mind that new car sales are still way below average and used car prices will still be higher than usual. If you're buying used, our advice is to buy a car that is at least 3 years old. If you're looking for anything newer than that, your savings won't be as large.

My Recommendation for Car Shoppers

TrueCar, RydeShopper, and CarsDirect are the best 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

Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
  • 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
Enter Your Email Below

(Absolutely NO SPAM, easy to unsubscribe)
×

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.

Latest Weekly Car Buying Tips    RSS Feed

September 17, 2020
September 10, 2020
September 3, 2020
August 27, 2020
August 20, 2020
August 13, 2020
August 6, 2020
July 30, 2020
July 23, 2020
July 16, 2020
July 9, 2020
July 2, 2020
I welcome your car buying questions. Email Me and I'll be glad to answer them!