Especially if you need a problem credit auto loan a recent report from Kelley Blue Book suggests that before the end of the year is a good time to buy a used car
What we can tell you
Applicants often want to know the best time to buy used cars so they can then apply for horrible credit auto loans.
This isn?t always the easiest question to answer even though for the past two decades we?ve been involved in bad credit car sales here at Auto Credit Express.
To understand this situation and more we developed a web site so applicants can research this and other topics about bad credit auto loans including tote the note car dealers, repossession and today?s issue, used car prices.
Used car prices
Timing, as the saying goes, is everything. This especially applies to used car prices, since most people with bad credit pick used cars because they?re more affordable than new cars.
A recent report from Kelley Blue Book suggests that buying a used car by the end of the year might be a smart move. According to Kelley, the overall price of used vehicles dropped by 2.6 percent for October and marked the fifth straight month of declining prices since values topped out in June of this year.
Fuel-efficient vehicles in particular, usually the most affordable ones for a problem credit auto loan, dropped 20 percent during that period.
?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, 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.?
But that drop in prices may be over by year end.
Looking towards the New Year
According to that same report, the analysts at kbb.com expect sales to pick up and used car prices to bounce back during the first quarter of 2012.
?Since 2009, used-vehicle registrations in the first quarter have increased by 15 to 20 percent on average from the preceding fourth quarter, and since we expect a similar increase in demand in 2012, a lack of supply will likely put upward pressure on values early in the year,? said Gutierrez.? ?Since we expect fewer leases and trade-ins replenishing supply, values will likely increase across the board as supply struggles to keep pace with demand.? Values for certain segments can change more aggressively should fuel prices increase similar to earlier this year.?
The Bottom Line
Even though the holiday season is upon us and you might be thinking of other things to do with your savings, you might find that moving a buying decision ahead from January to December could save you money if you?re planning on buying a used car ? and especially if you need to finance one with a bad credit car loan.
Another good reason is that December is traditionally a slow month for car sales and car dealers are even more likely to give you a discount in order to ?move the iron? off their lots.
And just one more thing: Auto Credit Express can help you find a dealer for your best chance at getting approved for a bad credit car.
So if you?re serious about getting your car credit back on track, you can begin the process immediately by filling out our online car loans bad credit application.
Tags: Bad Credit, poor credit car loans, used car prices
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