As the economy improves—steadily if still slowly—so does the action on the new car marketplace. During the hardest days of the recession, people flocked to used car dealers in droves. Now, however, consumers can once again afford to buy a new car, which has driven used car prices down to their lowest prices in four years, according to Edmunds.com.
“Now that the new car market has hit its stride, buyers are no longer drawn to used cars the way they have been in recent years,” said Joe Spina, Edmunds’ director of used-car analysis.
Don’t get caught up in the rush to your local new car dealer quite yet, though. In fact, rush over to see us at Pfeiffer Used Cars instead because, with the increased competition on the new car marketplace, there’s no better time to buy a used car than right now.
All those people buying new cars are trading in great recent-model cars to help pay for their new rides; therefore, prices are down and value is up. Spina added that used car prices will in fact continue to drop as more and more used cars sit on lots where dealers are unable to move them.
A final tip from the staff here at Pfeiffer as the holidays approach: look specifically for deals on GMC and Chevrolet vehicles—both available at Pfeiffer—since, according to Edmunds, they consistently have the best pricing deals right now.