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Used Car Prices Expected to Drop in 2015
February 12, 2015
Good news for those considering buying a used car this year - vehicle depreciation is expected to speed up in 2015 due to increased used car inventory and other factors, according to a new report from Black Book.The annual depreciation rate for used vehicles in 2014 was 12.1% and that number is expected to rise as high as 14.5% in 2015.
An article on Cars.com says these depreciation rates may seem high, but in reality the levels are going back to normal following very low depreciation rates of 7.7% in 2011.
The report also takes a look at quarterly and annual depreciation by vehicle segment. For instance, luxury cars had the highest depreciation at 18.1%, while some vehicles -- such as full size van wagons -- actually appreciated by 3.5%. Below is a copy of the 2014 Depreciation Rates by Segment chart from the Black Book report.
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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