Used Car Prices Rise Compared to Last Year
Everything old is new again. Or at least as expensive.
According to Edmunds, the average price of a three-year old car is 11% higher than it was last year (typically, year-over-year increases are only 3.5 percent). In fact, used cars of all model years are 5.5% more expensive than 2009.
GM's used vehicles seem to have the highest increases, with used cars and trucks up 7.8 percent in the past year, a remarkable feat considering the brand recently emerged from bankruptcy.
For bargain hunters, buying a used car is still financially sound, but be aware that, given all the new car incentives, some new cars are now cheaper than used.
Though higher used car sticker prices may appear at the dealership, that doesn't mean you can't negotiate. Many dealerships price their used cars higher, allowing for haggling. How much dealers are willing to deal varies by vehicle and dealership.
My Recommendation for Car Shoppers
TrueCar, 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.New York Tri-State Residents - Important:
There is a new car leasing service called Carvoy, available to NY tri-state area residents, which I recommend you try - especially if you hate the stress of haggling with car dealerships. Carvoy provides pre-negotiated lease deals, calculated with taxes and all fees incuded so you know exactly what it will cost. Here is my list of Best Carvoy deals, updated each month.- 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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