Used Car Prices Keep Going Up
But analysts discovered that the average used-car price is up 10% versus last year, thanks to tight supply and high demand.
Hyundai was the brand with the greatest increase in used prices at 22%.
As for increase in models, the Chevrolet Camaro came in at the top, seeing a $2,312 or 16% increase versus the year before.
The second-place finisher, the Ford F-150, was up 14% over last year.
While used-car buyers will likely feel a pinch when they buy, both new and used buyers will see a benefit if they're trading in a car for their next purchase.
The higher the used car prices go, the more attractive it becomes to buy a new car since the price difference is less.
If you're the type of car shopper who never considers buying new, now might be the time to at least comparison shop.
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