Used Car Prices Predicted to Increase Short Term
Long time readers know the importance of supply and demand when it comes to car prices, so this large drop in supply is now expected to increase prices by up to 1.5% according to the National Auto dealers Association. Edmunds.com went even further and is predicting price inceases of $700 to $1,000 in the short term. However, KBB and AutoTrader.com say the impact may be overstated and predict there will only be a $200 to $300 increase, mainly in the Northeast region.
But most analyts claim the price increases won't be limited only to regions affected by the hurricane. Many used car dealers get their inventory from a network of wholesale auction houses where vehicles travel hundreds or even thousands of miles to meet demand. That could mean price increases will be felt by everyone.
If you have the luxury of waiting, my recommendation is to hold off purchasing a used car for a few months. Wait until late January or February of next year when the market will likely be more favorable. On the contrary, if you need to sell your used car, you should do it soon to maximize revenue.
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About The Author
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.Latest Weekly Car Buying Tips
March 2024
- Real Prices of Midsize SUVs Mar 28, 2024
- Which Cars Better to Lease or Buy Mar 28, 2024
- Nissan Rogue Special Deals Alert Mar 28, 2024
- Cheapest Luxury Lease Deals Mar 28, 2024
- New Cars with the Most Available Inventory Mar 21, 2024
- Best Car Deals by Category Mar 21, 2024
- Top 100 Cheapest New Cars for 2024 Mar 21, 2024
- Real Prices of Compact Cars Mar 21, 2024
- Top 100 Cheapest Lease Deals Mar 14, 2024
- Best Car Deals Around the Country Mar 14, 2024
- Cars With the Largest Rebates Mar 14, 2024
- Real Prices of Pickup Trucks Mar 14, 2024
- Best 0% Finance Deals March 2024 Mar 07, 2024
- Best Bang for Your Buck Lease Deals Mar 07, 2024
- Best Electric, Hybrid Lease Deals Mar 07, 2024
- Biggest Discounts on New Cars Mar 07, 2024
- Real Prices of New Compact SUVs Mar 07, 2024
February 2024
- Worst Cars to Lease Right Now Feb 29, 2024
- Price Comparison of Subcompact SUVs Feb 29, 2024
- Real Prices of Large SUVs Feb 22, 2024
- New Cars You Should Wait to Buy Feb 22, 2024
- Real Prices of Midsize Cars Feb 15, 2024
- Largest Hidden Dealer Rebates Feb 01, 2024