Recent press releases from automotive research groups indicate nationwide and Michigan used cars pricing may increase as much as 6 percent in the beginning of 2012. The time to buy is now.
DETROIT – Michigan used cars are on the minds of many consumers as there is only one more month left in 2011. Pent up demand leftover from the summer paired with lower gas prices have caused many consumers to finally visit their local Michigan used cars dealers hoping for a great deal.
The good news for Michigan used cars buyers is if they don't delay, they'll be rewarded with a lower price now.
"Considering the already significant declines in used-car values since June, Kelley Blue Book predicts that values will decline an additional 3 to 4 percent by the end of the year," said Alec Gutierrez in a press release. Gutierrez is the manager of vehicle valuation for Kelley Blue Book. "Used-car values typically decline through the fourth quarter due to a seasonal drop in demand that lasts through the holiday season. We believe sales volume also will decline through the remaining fourth quarter, similar to years past, and as a result values will likely remain soft through year-end, with few exceptions."
However, a new year brings new demand and sales are expected to increase again in early 2012 driving the prices and values of used cars higher. Adding to the increased demand will be a probable shortage of supply, also contributing to the higher costs for used cars.
CarGurus, another automotive research site, is expecting the used car pricing decline to hit its lowest point the first week of January. In a recent press release, the analysts at CarGurus are recommending shoppers make their purchases as close as possible to the Christmas holiday for the best deal.
MI Auto Times has an extensive selection of Michigan used cars available now through our classifieds site. Before you shop, read the numerous reviews in our dealership rating section.
Wherever used car customers are doing their shopping, they should always make sure it's from a trusted seller. Though private sellers may be offering a lower price than at a dealership, this deal could come with hidden costs that could hurt buyers in the long run. Always ask for a vehicle history report and always go with another person when making the final purchase.
For more tips about used car shopping, read our complete used car buying guide.
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