CNW Research reveals that the used car market is white hot right now in some segments and limp in others. It’s all a reflection of stable gas prices compared to a year ago when they approached $4 a gallon. Compact used car prices are down 15.3% over last year (August 09 vs. August 08) while full size car prices are up 7.8%. Full size SUV prices are up 35.9%.
CNW Research says, “According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class wholesale used vehicle prices in August averaged $9,949 - a 0.7% decrease from July but a 3.9% increase from August 2008. Compact car prices staged a bit of a rebound after several months of declines, though they remain well below last year’s peak levels when gas prices skyrocketed. Full size vans and cars registered the highest month-over-month increases, but these segments are relatively low-volume.”
It’s still possible to save money on full-sized SUVs (as I point out in my article on how to save 10-15% on your used SUV purchase). Now is a good time to purchase a compact used car, though. Heck, you probably won’t even have to haggle!
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