Used Car Prices Keep Increasing
Blame the slow-down in sales of new cars.
As a result, it will be difficult to find a good bargain for a while.
The dearth of sales at new car dealers means there are fewer trade-ins, notes Consumer Reports. This creates a lack of available late-model used cars for two reasons:
1) There are simply fewer people trading in their cars for new car dealers to re-sell.
2) People are keeping their cars longer so by the time they finally hit the used market, they are much older and in worse condition.
With a short supply of high quality used cars out there, prices have been rising steadily.
However, notes Consumer Reports, "Late-model vehicles are still among the best values you'll find".
It's just going to be more challenging finding the right car at the right price.
On the flip-side, if you have a late model used car that you're looking to trade in for a new car, then you have gold on your hands.
You should negotiate agressively with dealers because demand for late-model used cars is astronomical right now.
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