Used Car Prices Expected to Drop Next Year
If you've been thinking about buying a used car lately, you might want to wait until next year. That's when late-model used cars are expected to drop in price, according to Automotive News.
The reason: there will be an additional 600,000 off-lease vehicles returning to the maket in 2013 than in 2012. With such a big spike in supply, there's going to be downward pressure on prices.
Some brands, such as Mercedes, are expecting nearly a two-fold increase in the number of off-lease vehicles in 2013 compared to this year. Others, such as Toyota, say their lease-returns won't spike until 2014. GM will start seeing an increase in lease-returns beginning in December of this year and see a larger increase towards the end of 2013.
Most of these vehicles will be coming off of 2 or 3-year leases, so the downward pressure will be felt mostly on late-model used vehicles, but the impact should also affect overall used car prices as well.
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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