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Used Car Prices Dropping Like a Rock

July 12, 2012

The decline in used car prices has picked up steam, with a 1.4% drop last month - the biggest of the year so far according to auto auction company Manheim.

Back on May 10th, I told readers that used car prices had hit their peak for the year, and to sell if you had a car you needed to get rid of.

Analyts are expecting prices to keep falling through the rest of the year, but the rate of decline should be slowing down. Pickup trucks are the only segment bucking the trend, with prices having actually increased slightly over the last three months.

If you have a used car you need to get rid of, you should still try to sell it now rather than wait. If you're in the market to buy one, prices have become more attractive, but waiting a few more months could save you a few hundred dollars extra.

My Recommendation for Car Shoppers

TrueCar and Edmunds 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.
- 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...
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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.

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