When's the best time to buy a used car?
Posted on Friday, June 8, 2012 at 6:26:56 PM
Auto experts agree, if you can wait, try and purchase a used vehicle in the fall of 2012. Your auto financing may go further if car values decrease in the coming months.
Small and midsize used cars are expected to drop in value by 5 percent by midsummer, reports CBS Money Watch. Overall, car prices are expected to decrease by 2 percent in the upcoming month of July.
"Consumers looking for the most attractive prices should wait until the fall, when the market is typically at its annual low point," Alec Gutierrez of kbb.com told the news source.
Declining gas prices are one of the causes behind the decrease in overall car values. If you are planning on buying a new car, now is the better time to buy. However, for all those purchasing a used car, waiting is most likely the best option.
Check out your auto financing opportunities if you are in the market for a used car in the near future.