Daily Fluctuations in Used Car Prices

Look for used car prices at used car lots and new car dealers to start fluctuating daily like the price of gasoline. National Auto Research, which publishes the wholesale used car valuation guide called Black Book, has announced it’s going to start providing daily updates to its clients. Until now, Black Book offered the info on a weekly basis. (I’d offer a link to Black Book, but it’s subscription only with no free consumer content.)

Where this will really impact you is when it comes to negotiating your trade-in. Most valuation sites for consumers aren’t going to have the up-to-date information dealers will now have. You might be trying to trade in your 2002 Nissan Altima, for example, and the dealer could say, “Hmm, 40 were sold yesterday at an auction down the road. The market’s been flooded.” And then offer you a low-ball price.

What’s a consumer to do? Go into negotiations armed with the info you’ve compiled from my tips on how to fairly value your used car. It’s going to give you as strong a tool possible for your counter-offers. You'll be a lot worse off if you don't do this preliminary homework.

One of my tips is to make the dealer justify a low-ball offer. Put the pressure on them to explain a price. If they won’t, walk out the door.