Now a Good Time to Buy Used Car
If you read my Used Car Buying Guide, you'll know that buying a 3 to 5 year old used car and holding onto it for many years is the best way to save maximum money when it comes to car ownership. A "slightly" used car which is at least 3 years old gives you the best compromise when it comes to reliability vs cost.
Basically, a 3 or 4 year old car should still be highly reliable, while also having depreciated by at least 50% from MSRP.
Now the good news - this week Edmunds.com released a report showing that NOW is the best buyer's market they've seen in a very long time for 3-4 year old used cars. This is due to a glut of vehicles coming off lease, and residual values taking a hit.
My prediction is that prices for these vehicles will continue heading down even further, so if you can wait a few more months you should have even more to choose from. This is because most lease deals are signed in the fall and towards the end of the year, which means more lease returns in later months.
My Recommendation for Car Shoppers
TrueCar, 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.- Gregg Fidan
- 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: 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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