Used car prices expected to fall as interest rates rise
MADISON, Wis. (WMTV) - Used vehicle prices are expected to decline this year amid rising interest rates.
If you have sold your car recently, you might know you were getting a great return on your used vehicle. But, if you were purchasing a car, you were probably spending more than you would have wanted.
Bill Sepic, President and CEO of Wisconsin Automobile & Truck Dealers Association, said there is a tremendous amount of pent-up demand right now, as used car prices have been high. If you are thinking of buying a car and you see one that fits your budget, don’t wait.
“Everything is still in strong demand. So, it’s not something that you have the luxury of sitting back and saying ‘let me think about that vehicle for a while,’ because chances are somebody else is thinking about it as well and it’s going to get snatched up,” Sepic said. “If you see what you like, be a prepared shopper. Have an idea of how things have been priced throughout the last month and be able to make your decisions.”
Sepic anticipates that we will probably see these price decreases after April.
The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate a quarter-point, its eighth hike since March.
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