NADA: Prices of Used Cars Will Decrease Through July
NADA: Prices of Used Cars Will Decrease Through July
According to most recent information from National Automobile Dealers Association (NADA), there will be a decrease in price of used cars during the month of July. This means that it would make sense for people with not-so-perfect credit to purchase a car.
The majority of people with low credit scores restore their auto credit by investing in used cars because they are usually less expensive than brand new vehicles. As a result, it is crucial that this kind of car buyers have an understanding of the used car market.
Jonathan Banks, the senior analyst of NADA Used Card Guide, said that the prices of all used cars will decrease because of the seasonal demand, especially the cars that usually meet the needs of car buyers with poor credit.
In addition, Banks said that the recent prediction of NADA leads to a decline in prices of used cars by 3 percent in the month of July. Because of the decrease in prices of gasoline, it will result in larger depreciation of compact and midsize vehicles. However, it will assist in control the losses for light trucks, for instance, huge pickups and SUVs.
On the other hand, it is worth mentioning that prices of used car will stay at high levels during the latter part of the year, regardless of the anticipated seasonal reduction.
Since summer vacation season is almost ahead and in order for you to travel, now is the perfect time to consider buying a used car that you might not have been able to buy in the early months of 2012, even when you have a low FICO score.
Moreover, visit the website of Auto Credit Express because they will help consumers with credit problems find the best dealer that can offer them an auto loan approval. They will also help consumers restore their auto credit starting with an online application for car loans.
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Filed under: auto loans • bad credit • car loan
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