CarGurus.com is out with a survey showing that there are deals to be had on late-model, used cars. The secret is patience. The study shows that late-model used car deals are out there because older, less-expensive used cars are selling faster.
Late-model used cars are taking from one to months to sell, double the time of older used cars. As CarGurus.com counsels - and I concur wholeheartedly - be patient if you are in the market for a late-model used car. Patience is going to keep money in your pocket because there is not as much competition out there as one might think.
But how does that dovetail with the belief that there is a shortage of used cars. As Bill Clinton once said, "It's the economy." People are cautiously buying used cars. When they do buy them, they are spending less money. The go-go credit of a few years ago is gone. Car buyers are purchasing what they can afford. The twinkle has gone out of their car-buying eyes.
So, if a late-model used car is on your radar and within your budget, take your time purchasing one. Don't be intimidated by high-pressure salespeople (who are still desperate to sell cars). So be it if the deal evaportates. There's always another used car waiting out there for you.