Used Car Prices Keep Increasing
Having trouble finding a good late-model used car? You're not alone!
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.
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.
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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