Buying a New Car More Attractive Due to Higher Used Car Prices
The average wholesale price of a used vehicle in June was $10,167, according to ADESA Auctions. This is the first time the average price broke the $10,000 level in over a year.
In addition to weak new car sales, rental car companies have been keeping their cars longer instead of selling them at auction after only 2 to 3 years. This has reduced the number of used cars for sale.
This is all good news if you're looking to buy a new car and have a trade-in. Higher used car prices makes buying new more attractive while also increasing the amount you get for your trade-in.
Some used cars have gone up in value so quickly, the pricing guides have not kept up with the changes. Keep that in mind if you're going to be selling your used car, you don't want to get short-changed. Use our Car Trade-In Tips to get the best price for your used car.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides 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...
- 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