Used Car Prices Hit Record High
Used car prices have hit an all time.
The Manheim Used Vehicle Value Index rose 6.9% in September to 118.5, the highest on record. To give you some comparison, the index was at 100 in January 1995.
The reason for the price increase is simple: The supply of used cars has dwindled due to a combination of the "cash for clunkers" program and the fact that rental car companies are keeping their vehicles for a longer period, thus limiting the number of used cars entering the market.
If you're shopping for a new or used car, this won't affect you much if you have a trade-in. However, if you're shopping for a used car without a trade-in, then perhaps you should wait a few months.
Analysts are predicting the price increases won't last. Now that the "cash for clunkers" program is over, used car inventories should start creeping back up again.
3 Steps Every Car Buyer Needs to Take to Save Maximum Money
The key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:Step 1 Get Prices From My Trusted Network
Select the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).Step 2 Get Prices From TrueCar / CarsDirect
TrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.Step 3 Complete my Checklist
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
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
July 2022
- Best Bang for Your Buck Lease Deals Jul 07, 2022
- Best Electric, Hybrid Lease Deals Jul 07, 2022
- Cars With the Largest Rebates Jul 07, 2022
- Real Prices of Midsize Cars Jul 07, 2022
June 2022
- Best Car Deals for 4th of July 2022 Jun 30, 2022
- Worst Cars to Lease Right Now Jun 30, 2022
- Best Car Deals Around the Country Jun 30, 2022
- Real Prices of Pickup Trucks Jun 30, 2022
- Top 100 Cheapest Lease Deals Jun 23, 2022
- Best Car Deals by Category Jun 23, 2022
- Real Prices of Large SUVs Jun 23, 2022
- New Cars You Should Wait to Buy Jun 23, 2022
- Biggest Discounts on New Cars Jun 16, 2022
- Which Cars Better to Lease or Buy Jun 16, 2022
- Real Prices of New Compact SUVs Jun 16, 2022
- Best 0% Finance Deals June 2022 Jun 09, 2022
- Real Prices of Compact Cars Jun 09, 2022
- Top 100 Cheapest New Cars Jun 02, 2022
- Price Comparison of Subcompact SUVs Jun 02, 2022
- Lease Deals with Loyalty & Conquest Rebates Jun 02, 2022
