The slow down in the economy is having a real impact on automobile manufacturers. In 2007 sales for automobiles were the lowest they have been in 9 years and 2008 is projecting to be even worse. The real deal in ‘08 is going to be on used vehicles. This perfect storm of used vehicles includes: a surplus of ‘07 models that did not sell, a bulk of leased vehicles coming up for sale, and, with the credit crunch, a bulk of repossessions.
If you can afford the gasoline, SUVs are dropping the fastest in price because so many people are trading them in for cars. Always do your research on a vehicle using Consumer Reports, or other consumer advocate publications, and make sure to get any used vehicle checked out by an independent ASE certified mechanic. Do not let the dealership tell you it is a good vehicle and then find out they were lying. You can also check out the Carfax report which will give you a detailed history, but still get it checked out even with this report. If you need places to look for used cars I recommend:
CarMax — This is the no haggle place to purchase a used car. If you do not like the grind of car buying this is the path of least resistance.
Autotrader.com – Probably the best online site for used car listings.
Cars.com — Direct competitor of Autotrader
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