Used cars from model years 2005 thru 2008 have gone up in price drastically in the last 45 days. 

Surprisingly, Chrysler vehicles are leading the way.  Prices  of Jeep vehicles at auction have gone up a whopping 10% since February.

Ford and Toyota have gone up around 5%.  There’s a couple of reasons for the price increases.  First, demand for used cars has gone up since consumers aren’t purchasing many new cars.

Also, Chrylser reduced its sales to rental car companies thus reducing the number of late model year vehicles going on sale.

If you’re looking to buy a used car soon, you should consider getting one that is at least 4 years old.  This will maximize your savings since most of the depreciation has already occurred, plus there’s less demand for older cars.

Filed under Chrysler, Used Cars.