If you’re planning to purchase a pre-owned car, you may want to wait a couple of
months. Industry observers have noted that many leases will be expiring, thereby
flooding the market with millions of used vehicles. This should effectively
bring current used car prices to new lows
New car sales
are up
One factor that is driving pre-owned car prices down
is the brisk sales of new ones. Given the demand for new cars plus the entry of
next year’s models onto the showroom floors, it looks as if car sales will keep
climbing until early 2015. Car owners looking to unload their used vehicles
will most likely not be able to get the price they want within the next few
months.
Your lease is
up
In the United States, one in four automobiles is
leased, especially among the luxury brands. Analysts foresee a lot of used sedans
filling used car lots, but not for all types. Light trucks are seldom leased so
not many second hand ones will be available.
Examine your
options
Trading in your old vehicle for a new one is a viable alternative
to selling it outright, but it is advisable to negotiate the price of the old
car separately. You may want to set your expectations here because the old car
may not be appraised as high as you would like. At the very least your monthly
lease payments on the new car should be dramatically lower.
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