One result of our slowing economy is that used car dollar values are continuously lowering. Used car prices were at an all time high just months ago which was great if you were selling yours! Jerry Reynolds the Car Pro says things are changing. "I watch the auction every week and eight weeks in a row now, I am seeing prices falling. With that said - they are still higher than they were a year ago, but they are falling!"
With this slow economy, lenders are saying their borrowers could fall behind in their payments. All the same, touts Reynolds, this holiday weekend dealers will be offering some big incentives to those who have been waiting since the recent past shortages.
Reynolds does say, though, it is good time to buy a new car this July 4th weekend. " There is so much pent-up demand from the past shortages - that's no surprise - and when people start seeing dealers offering larger discounts -- and buyers have been waiting --- they're going to get out and look!"
Sadly for them, they'll probably get less for their trade-in than they would have before.
Hear Jerry Reynolds the Car Pro Saturday mornings at 11 on 740 KTRH.
photo:getty
Used cars' dollar values are dropping.