BIRMINGHAM, AL (WBRC) - Are you shopping around for a car? Now could be the perfect time. The last week of the year dealerships typically offer some pretty good incentives, especially this year if you are in the market for a used car. According to Kelley Blue Book, if you are looking for a used car-you may not want to wait.
It looks like used car prices could go up anywhere from 4 to 6% at the 1st of the year. According to experts, with the economy being down more people are looking to buy used cars but a lot of people are holding on to their used cars longer than they have in the past. You add in the fact that many people are no longer leasing, and basically you have a demand but fewer cars coming into the used market.
It's all dealers can do to keep the used car lots full. Some are offering incentives for trade-ins, others are advertising low rates. No matter the strategy, it's definitely getting people to their dealerships. Michelle Eastham, who was shopping at Brannon Honda, said, "They have 0.9% that's a huge factor. We are looking just seeing what we can get."
Eastham is in the market for another car and like many the used cars are drawing her attention. "The economy is a huge factor. People are more conscious now than they've ever been. I think where you can pitch a penny is where you should pitch a penny," said Eastham.
Regina Lawson and Michael Brown are also eyeing some used cars. "I think they are more practical for a person in this economy right now because the economy is very slow and everything so used cars is quite normal right now," said Brown.
Patrick Brannon with Brannon Honda is all too aware of the demand. "We are offering as much as we can for any type of trade right now. Whether it’s Honda, Toyota, Chevy, we are taking them all and immediately putting them on the used car lot," said Brannon.
Brannon says used car sales always go up in January, but since production has been slowed down due to natural disasters and the economy experts are predicting that cost to go up even higher.
For Eastham she's just hoping to take advantage of one of these deals before 2012 rolls around. "I've heard of doubling the blue book, that type of thing. I guess if they want your business, they need to sell the vehicles, they will work with you," said Eastham.
Brannon Honda also adds that they have great deals not just for used cars, but new cars as well because of course they will want to be clearing out the old cars to bring in the new.
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