It’s no secret that gas prices are higher than ever and there doesn’t seem to be an end in sight. Unfortunately, that’s not the only thing that’s increasing, as the high cost of fuel has cause the price of used vehicles to skyrocket as well, according to ABC affiliate WCPO.
The demand in used economy cars has surged as of late, as consumers are trying to save money in every way they can when using their car loan, leading to higher prices for these autos. Prices have gone up so quickly that past editions of various blue books are obsolete.
“[The National Automobile Dealers Association] came out and said not to use the book dealers were using, because prices have escalated to much in the past week to 10 days, that they need to go buy a different guide,” Gary Heflin, a car dealer, told the news source.
While smaller vehicles may be the best cars for bad credit, those who are in the market for a new set of wheels should not expect any incentives at the dealerships. The days of cash-back deals and other promotions are essentially long gone, and it’s come down to “what you see is what you get” on the lot.