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.
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