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Blame the slow-down in sales of new cars.
As a result, it will be difficult to find a good bargain for a while.
The dearth of sales at new car dealers means there are fewer trade-ins, notes Consumer Reports. This creates a lack of available late-model used cars for two reasons:
1) There are simply fewer people trading in their cars for new car dealers to re-sell.
2) People are keeping their cars longer so by the time they finally hit the used market, they are much older and in worse condition.
With a short supply of high quality used cars out there, prices have been rising steadily.
However, notes Consumer Reports, "Late-model vehicles are still among the best values you'll find".
It's just going to be more challenging finding the right car at the right price.
On the flip-side, if you have a late model used car that you're looking to trade in for a new car, then you have gold on your hands.
You should negotiate agressively with dealers because demand for late-model used cars is astronomical right now.
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