A little less than a year ago, I was the excited new owner of a brand new Jeep Liberty. Now, however, every time I know that I need to go somewhere and I see my beloved vehicle, it makes me cringe. I remember how blinded I was by the term “new”. I didn’t want to get in and smell someone else’s car; I wanted to get into a brand new car and breathe in that “new car smell”- a car in which I had been the only owner. Boy, how I wish I had thought differently back then. Now, I can’t seem to get rid of this thing!

When people go car shopping and they’re smart about it, they typically take the time to know how much money they can or can’t spend (my mistake) on a vehicle. This will usually determine whether or not they get a new or used vehicle. For those who either can’t afford a brand new car or who are very frugal, they usually opt for buying a used car because they think that it will be cheaper. However, a recent article in BusinessWeek is stating that used car prices are on the rise.

Some people tend to believe that the increasing demand for smaller, used cars is what is driving up the prices. For example, the total used small car market cited that prices went up between April 2007 and April 2008 despite the fact that the average vehicle price in the United States dropped 2.5 percent in the same period. It seems like something has got to give between the high gas prices, problems with the housing market and now increasing prices of used cars!

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Tags: Auto News //