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When do used car prices change?

Used car prices will fluctuate over time. This is because what consumers are looking for will change over time. A used car that was once seen as worthless may become more valuable over time. Cars that were once in high demand may eventually become worthless. Getting the best deal on a used car comes down to your ability to negotiate for the best deal. What are some things that cause used car prices to change?

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Prices Change When the Car Leaves the Dealer Lot

The price of a car significantly drops once it leaves the dealer. Cars may lose up to a quarter of their value as soon as they are driven home by their new owner. However, this car may once again regain its value depending on market forces at any given time. Just remember that purchasing a new car may be a poor investment because of this factor.

New Model Years Decrease the Value of Older Cars

A great time to buy a used car is when the new model year rolls out. This is because cars in each preceding year will become more inexpensive. 2012 model year vehicles are going to become cheaper when the 2013 model year rolls out. The 2011 model year will also see cheaper used cars as well. Vehicles tend to become less and less in demand as they get older.

Older Designs Can Impact Vehicle Prices

Hyundai recently made some upgrades to most of its cars for the 2011 model year. Any car made in 2010 was immediately less valuable because it was not the latest design. Car buyers are not going to pay top dollar for any car that is made from an older design. This is because most new designs also include upgrades in gas mileage and engine performance. New safety features in newer models may make older cars less of a value despite only being a year or two old.

When Does a Vehicle Get Better With Age

Cars may actually increase in value even if they are previously used cars. Car models that are good with gas mileage are suddenly becoming more popular as gas prices rise. People are trading in their SUV’s in favor of cars like the Corolla or Prius. Many stories have been reported of people selling their cars for more than what they originally paid. This is all because cars that were looked over in the past were suddenly becoming hot buys.

Significant Body Work Influences the Price of a Vehicle

You will get almost nothing from a car that is suffering from significant body damage. Anything significantly wrong with the frame of the car could make it illegal to sell. On the other hand, a restoration of an old car could make it more valuable. Even taking the time to put a new coat of paint on a car could increase its value. Adding security features to a car could make it easier to insure. Entering your ZIP code online will show you the lowest rates on car insurance in your area.

Discontinued Vehicles Could be Valuable

Cars that are scarcely found on the market can become valuable over time. The car in question doesn’t even have to be all that great to be popular. Someone might pay top dollar just to say he owns a car that no one else has. Even a car that was recently taken out of commission could fetch more than it should based on how rare it is.

There are several reasons why the price of a used car might change. Knowing how to get the best deal for your car will depend on how well you can read the market. Carefully consider the condition and age of any car you might try to purchase. A vehicle that has been significantly damaged may not be worth spending money on. Always keep in mind that your car is worth what a buyer will pay regardless of the market. It is you job to sell the buyer on your car while getting the most money for it.