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Used Car Prices Expected to Drop in 2010

Used Car Prices in 2010The best way to maximize savings when buying a car is to purchase one that is 3 to 4 years old. This way, you'll avoid incurring the largest cost of a new vehicle - depreciation cost.

This past year however, used car prices steadily increased due to unusually low supply. With new car sales near 30-year lows, people were trading-in fewer cars for new ones. In addition, rental car companies were keeping their vehicles for a longer duration rather than upgrading to newer models.

According to USA Today, there were 8 million fewer used cars and trucks over the past two years.

If economists are correct, that's about to change in 2010. Car sales have recently improved and economists are expecting a 15% increase in new car sales this year. This means more people will be trading-in their used cars, thus increasing the supply.

This is good news if you intend to buy a used car this year. But keep in mind that new car sales are still way below average and used car prices will still be higher than usual. If you're buying used, our advice is to buy a car that is at least 3 years old. If you're looking for anything newer than that, your savings won't be as large.






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).
Select Vehicle to Get Local Pricing

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

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About The Author

Gregg Fidan 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.

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