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Used Car Prices Predicted to Increase Short Term

Last month, I wrote about how used car prices were expected to drop soon. But that was before Hurricane Sandy devasted the Northeast region and destroyed an estimated 250,000 vehicles.

Long time readers know the importance of supply and demand when it comes to car prices, so this large drop in supply is now expected to increase prices by up to 1.5% according to the National Auto dealers Association. Edmunds.com went even further and is predicting price inceases of $700 to $1,000 in the short term. However, KBB and AutoTrader.com say the impact may be overstated and predict there will only be a $200 to $300 increase, mainly in the Northeast region.

But most analyts claim the price increases won't be limited only to regions affected by the hurricane. Many used car dealers get their inventory from a network of wholesale auction houses where vehicles travel hundreds or even thousands of miles to meet demand. That could mean price increases will be felt by everyone.

If you have the luxury of waiting, my recommendation is to hold off purchasing a used car for a few months. Wait until late January or February of next year when the market will likely be more favorable. On the contrary, if you need to sell your used car, you should do it soon to maximize revenue.






3 Steps Every Car Buyer Needs to Take to Save Maximum Money

The 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 Network

Select 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).
Select Vehicle to Get Local Pricing

Step 2 Get Prices From TrueCar / CarsDirect

TrueCar, 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 Checklist

Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan

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About The Author

Gregg Fidan Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.

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