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Used Car Prices Hit Record High

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According to the Manheim Used Vehicle Value Index, used car prices hit an all-time high in September, based on sales values and trade-in values for vehicles across the U.S. The rise is due in part to Cash for Clunkers, which shrank used car inventories. However, Manheim also attributes the spike to car rental companies, which have held onto vehicles instead of sending them to the used lots. There is some good news though: analysts suggest that used car prices have likely peaked. So if you're looking to trade in, you might want to get while the getting is good. [KickingTires]

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Comments (3)
  1. Ok so you are suggesting people purchase NOW, at the PEAK? If it's the peak wait 6 months for the prices to come down and the inventory to be up. Please correct or clarify what was intended.
     
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  2. I said that trade-in value is at its peak, so if you're looking to trade-up, you'll get a little more for your old vehicle. You could probably ask for more cash if you were to sell through the classifieds, too. Capisce?
     
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  3. The rise in used car prices is the direct result of the destruction of 700,000 cars by the cash for clunkers program. That destruction also cost car repair shops and charities that rely on the revenue from car donation much money.
     
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