Used car prices on the decline
Posted on Tuesday, August 14, 2012 at 4:01:20 PM
In February, the National Automobile Dealers Association (NADA) Used Car Guide predicted that used car prices would reach their peaks in April and May before declining, according to U.S. News and World Report. It appears that this expert prediction was correct.
The average wholesale price of a used car is down 1.8 percent from a year ago, USA Today reports. The decreasing cost of used cars will allow many people to start the auto-shopping process with more confidence in the affordability of the purchase.
"I don’t know anyone, regardless of income bracket, that does not like saving money. It will be especially helpful for younger borrowers just starting their careers to have a lower payment. It will also be helpful for the customer who wants to upgrade their vehicle - the end result being a lower payment on a vehicle they really want to be driving. Lastly, our senior citizens that are still driving that rely on a fixed income will appreciate the lower monthly payments," said auto lending expert Christine Dikdan.
Potential auto buyers will find auto financing from Home Loan Investment Bank an affordable and reasonable lending option.