The Truth About Cars reports that used car prices have gone steadily down this year. This is especially noteworthy because the first four months of any new year are usually the strongest for used car lots, because people use their tax refunds to buy used cars. Typically, car prices edge up during this period to take advantage of higher demand.
Desperate dealers have been lowering credit eligibility guidelines. You might find that you are eligible for mainstream financing when you think that your credit won’t qualify you. Don’t assume that your only option is an overpriced “finance special” or buy-here-pay-here. Try to stay away from old SUV’s especially full-sized SUVs. I have seen some ridiculous prices for really bad SUVs. Remember, lawyers can rarely help you if you pay a lot of money for a hunk of junk when they tell you up front that there isn’t a warranty. In most states you DON’T have a three-day right to cancel. So have a mechanic check out anything that you want to buy before you are committed.