Used car shoppers who have experienced sticker shock over used car prices in the past few years can relax a little. Used car prices are starting to drop.
“During the recession, consumers stopped buying new vehicles and automakers trimmed production, eventually creating a shortage of the most sought-after used vehicles — later models with low mileage,” reports The New York Times. “Used-car prices surged.”
As new car sales have recovered, more used cars are available for sale. The increase in supply has helped bring down prices. Black Book, a company that tracks used car prices, reports that prices for used cars dropped $74 in the past week. Used trucks saw an average price decline of $64, while used luxury SUV prices dropped by $91 in the past week.
Cars.com reports that it is “also charting a small decline after months of increases. Last month, the average cost of a late-model used car dipped slightly to $22,177 from August's $22,193 price.
If you’re a used car buyer who has been priced out of the market, your time to buy may be close at hand. In addition to lower prices, there are also plenty of used car financing offers. Getting a low interest rate loan on a used car helps you save money over the life of the car loan, not just while you’re negotiating at the dealer.
Keep in mind that just because used car prices are coming down, it doesn’t mean that every used car that’s for sale is a good deal. Used car buyers still need to research the fair market value of a car they’re interested in, and be prepared to negotiate with the seller to get a good price. Also, used car buyers need to take care of themselves by making sure that any used car they buy is in good mechanical shape, so they don’t have to pay for expensive repairs down the road.
In the market for a used car? Check out our used car rankings. Then, look for a great deal on a used car by checking out this month’s best used car deals. Also, be sure to follow us on Twitter and Facebook.