Used Car Prices Rise Compared to Last Year
According to Edmunds, the average price of a three-year old car is 11% higher than it was last year (typically, year-over-year increases are only 3.5 percent). In fact, used cars of all model years are 5.5% more expensive than 2009.
GM's used vehicles seem to have the highest increases, with used cars and trucks up 7.8 percent in the past year, a remarkable feat considering the brand recently emerged from bankruptcy.
For bargain hunters, buying a used car is still financially sound, but be aware that, given all the new car incentives, some new cars are now cheaper than used.
Though higher used car sticker prices may appear at the dealership, that doesn't mean you can't negotiate. Many dealerships price their used cars higher, allowing for haggling. How much dealers are willing to deal varies by vehicle and dealership.
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