Used Car Prices May Drop 5% in June
Prices had been increasing since January, but they peaked this month and are expected to keep falling through the end of summer.
With gas prices below $4 per gallon, car buyers are more likely to consider larger cars and SUVs instead of smaller, fuel-efficient vehicles. For example, a 2009 Honda Civic LX is expected to drop in price by $600 in June.
Used hybrid vehicle prices are also expected to drop by a good margin, so if you've been waiting for a deal on these types of used vehicles, this summer should offer you plenty of options.
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