Happy Thanksgiving everyone! And to celebrate we have some good news. For a long while now, the exorbitant price local used car dealers were asking for the best low priced used cars was far from the best prices of years past. In fact it's been some of the highest prices on used cars in years.
And depending on what sort of reasonably priced used car you were interested in, the prices between used car search sites, and new car dealerships, were uncomfortably close. Just hundreds separated some second hand cheap used cars for sale and economy model new cars.
Last month we announced those sky rocketing prices at local used car dealers had finally peaked and started to recede. And happily that trend has continued, as the good people at the Consumer Price Index are reporting the second month of decline in the prices of used car search sites and used car lots.
While the amount of decline in price is only 0.6% compared to last months identical decrease of 0.6% in October, two consecutive months of sliding prices is good news for a used car market that wasn't expected to start correcting itself until 2012. It won't be long now until you can find a low price Jeep Grand Cherokee for the same price you could before the economy ran aground.
What does this mean for anyone who has to buy now? Well you probably won't be able to find the best low priced used cars as the average price is expected to continue to fall but it does mean you might be able to haggle your way into a lower priced used Jeep Grand Cherokee than you could weeks ago. If you have the time to wait, it will be easier to find cheap used cars for sale in the coming months than it is now. For now just enjoy that turkey leg and check those used car deals after the holidays.