Used Car Prices Have Hit Their Peak
May 10, 2012
Used vehicle prices have finally stopped their upward trajectory and are expected to head a little lower from here as the year progresses.
Most analyts were expecting prices to peak and head lower beginning in June, but the Manheim Used Vehicle Value Index shows that prices started heading down in April. Used cars have commanded higher prices over the last couple of years due to limited inventory and high gas prices, which boosts demand for fuel-efficient vehicles.
If you're shopping for a new car, now's a good time to consider selling your trade-in while used car prices are at their peak. If you're looking to buy a used car, prices usually hit bottom between December and January.
I don't expect used car prices to head too much lower since there's still a lot of demand, but timing your purchase towards the end of the year might save you a few hundred dollars.
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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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