Prices of Used Pickups, SUVs and Mini Vans Surge 25%
Lately, used car prices have been heading higher, especially for 3 year old pickup trucks, mid-sized SUVs, and Mini vans. This makes it less attractive to buy used, although the savings are still huge when you compare to buying brand new.
According to Edmunds.com, the average price of a 3 year old Mini Van has increased a whopping 27% compared to a year ago. The price of a 3 year old full-size Pickup has increased 26% while mid-sized SUVs have increased 25%.
The reason for the price increase is simple supply and demand issues. Many car makers cut back on leasing in recent years so there are less off-lease vehicles available. Meanwhile, demand for used cars has gone up as car shoppers look for more affordable options.
Overall, 3 year old car prices have gone up 16% compared to the year ago period. The only acception are mid-size cars which fell in price by 1.6%.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe 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 NetworkSelect 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 / CarsDirectTrueCar, 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 ChecklistFollow 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