Used Car Prices Predicted to Go Up
You just may be surprised by that number on the sticker.
Consumers paid $1,800 more for a used vehicle in July 2010 than they did a year ago - a 10.3 percent increase from last year (though Cash for Clunkers might have driven up the averages.)
One reason: used car inventory is low, so prices for unsold used cars are increasing.
But just because used cars are now pricier, it doesn't mean that consumers shouldn't buy used.
Purchasing a pre-owned vehicle has a lot of benefits: collision insurance and taxes are lower, and buyers don't have to worry about the values of their cars plummeting when they drive them off dealership lots.
Even if consumers end up paying more than they want for a used vehicle, in the long run, they'll save more.
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