Used Car Prices Drop for First Time this Year
Wholesale used car prices have recently begun to decline again, after a long period of escalation.
This October, prices dropped for the first time since December 2008, particularly for full-sized cars (by 10.2%), mid-sized cars (by 5.4%), and trucks (by 5.2%).
Used car sales normally see a decrease in the fall season. And with the Cash for Clunkers program now over, this year's 4.4% plunge hardly comes as a surprise. The used car supply has grown lately thanks to the spike in new car sales, which involve trade-ins.
While Cash for Clunkers was in operation, used car inventories remained limited as many used vehicles were disabled for the market.
Now as the year inches toward an end, buyers can be on the lookout for a growing supply of used vehicles � and better prices at car lots.
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
March 2023
- Best 0% Finance Deals April 2023 Mar 30, 2023
- Best Car Deals by Category Mar 30, 2023
- Lease Deals with Loyalty & Conquest Rebates Mar 30, 2023
- Real Prices of Pickup Trucks Mar 30, 2023
- Worst Cars to Lease Right Now Mar 23, 2023
- Cars With the Largest Rebates Mar 23, 2023
- Real Prices of Compact Cars Mar 23, 2023
- Which Cars Better to Lease or Buy Mar 23, 2023
- Top 100 Cheapest Lease Deals Mar 16, 2023
- New Cars with the Most Available Inventory Mar 16, 2023
- Biggest Discounts on New Cars Mar 16, 2023
- Real Prices of Large SUVs Mar 16, 2023
- Best Bang for Your Buck Lease Deals Mar 09, 2023
- Best Electric, Hybrid Lease Deals Mar 09, 2023
- Price Comparison of Subcompact SUVs Mar 09, 2023
- Top 100 Cheapest New Cars Mar 02, 2023
- Best Car Deals Around the Country Mar 02, 2023
- Real Prices of New Compact SUVs Mar 02, 2023
- New Cars You Should Wait to Buy Mar 02, 2023
February 2023
- Real Prices of Midsize SUVs Feb 23, 2023
- Real Prices of Midsize Cars Feb 16, 2023
- Cheapest Luxury Lease Deals Feb 02, 2023
