Used Car Prices Have Hit Their Peak
Most analyts were expecting prices to peak and head lower beginning in June, but the Manheim Used Vehicle Value Index shows that prices started heading down in April. Used cars have commanded higher prices over the last couple of years due to limited inventory and high gas prices, which boosts demand for fuel-efficient vehicles.
If you're shopping for a new car, now's a good time to consider selling your trade-in while used car prices are at their peak. If you're looking to buy a used car, prices usually hit bottom between December and January.
I don't expect used car prices to head too much lower since there's still a lot of demand, but timing your purchase towards the end of the year might save you a few hundred dollars.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow 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