So I’ve been watching these car prices drop, as the cars get older and people stay concerned about gas prices and the economy. Even when the economy was fine, it didn’t make sense to buy the car…but now, the prices on the cars are dropping 2-3k a month. And they’re the same cars that have been on sale the whole time.
What I’m wondering is, come 2009 – will the prices drop even more? Because they’ve gotten a “year older” by model years? Kelly blue book’s gotta change then too right? I’m kind of guessing here, having never tracked used car prices. Anyone know?
Cause I’ve waited 5 months for this car – what’s another couple of months to save a few more thousand? The worst that could happen is that I end up test driving a Cadillac CTS-V and find out that I fit comfortably in it…
Most manufacturers release their “new” model year around September so 2009 model years will be top dog until then. I think the price drops have less to do with cars getting older and more to do with the fact that people aren’t buying right now and those that are willing to aren’t being extended credit. Manufacturer desparation is your friend.
I have to believe our new President’s first order of business is going to be economy/consumer focused to immediately make an impact on the expections of change. My gut says prices will stabilize and cease to drop by the middle to end of Q1 and stay pretty constant until the new model years arrive. Higher ticket new cars seem to be less affected so they may rebound sooner.
Of course, given the current financial patterns, this is purely optimistic speculation.