Used Car Prices Drop for First Time this Year
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.
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