Lower Gas Prices & Used Car Prices – It’s a Great Time To Be a Consumer
In October, the credit crunch stifled growth and caused softening in every used-vehicle segment, according to the latest AuctionNet data from the NADA Used Car Guide. Among all one- to five-year-old vehicle segments, passenger cars showed the biggest price decline from September, as their wholesale values fell 9.6% to $11,620. Suddenly, that used 2006 Ford Crown Victoria (right) is looking mighty attractive.
That reporting comes courtesy of AutoRemarketing.com (I read these online magazines so you don’t have to). It also reports that pickups and SUVs fell 5.7% and 5.3%, respectively. These segments had been making steady improvements each month since July. Crossovers were down 6.3% from a month ago at $14,393 and vans took an 8.8% price hit at $9,587.
It’s a drum I’ve been beating for a few months now, but don’t be hesitant to buy a used car. Lots of folks are being cautious (understandably) but it’s a great time to buy a used car, truck, SUV or crossover. Gas prices are dropping, too, which makes a new car that much more affordable.
Are you in need of new transportation, but holding off? Let me know why in the comments section below. Feel free to tell me, “It’s the economy stupid.” I just want some real-world feedback.
Photo © Ford
My opinion of best value:
A 2-3 year old certified used car (with warranty). You save the biggest depreciation hit, and get a car that you can rely on.
Plus with the savings, you have the choice of buying a car with more options or a step-up model.