A Forbes.com article states that as dealers now look to shift this year’s stock by reducing their prices, gas guzzling vehicles, such as Ford’s F-150 pickup, could experience the largest drop in values.
It was also reported that values on such vehicles are most negotiable as a result of recent rises in the cost of gas and oil.
Jack R Nerad, executive editorial director and executive market analyst at Kelley Blue Book, said: “People were drawing on equity in their homes to buy a car they probably couldn’t afford.”
Now, he claimed that consumers are discovering a “lot of that equity is gone”.
It was also reported that to get a particularly cheap deal on a car, consumers should look to purchase a vehicle at the price – or one below – the invoice, which is the amount the dealer paid the manufacturer in the first place for the automobile.
For those looking for help with purchasing an automobile taking out an auto loan could prove to be of assistance.
Earlier this month it was reported that car manufacturers across the US, including General Motors and Ford, saw a drop in sales over the course of August.
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