Since the start of 2011, many buyers have seen added returns on used car trade-ins, and as a result, some of these consumers have been able to see between five and 10 percent more of their old vehicles' value.
"The supply of used vehicles will continue to be tight because of the pull-back in leasing that began in 2007," said Jonathan Banks, executive automotive analyst for NADA Used Car Guide. "A lower supply of used vehicles supports higher prices."
However, while new car prices continue to become more affordable for many consumers, prospective buyers with bad credit may still have trouble qualifying for the best financing options. This is because dealerships typically look at consumer credit scores and credit reports before setting interest rates on new vehicles.
As a result, consumers who are thinking of trading in their vehicle for a new purchase may benefit from reviewing their scores and their reports before the car dealerships have a look. While doing this, consumers may find errors and inappropriate charges that if disputed correctly may increase their chance of obtaining prime financing rates.
By contacting a credit repair company, these consumers may get more information on how to correct these questionable errors and increase the chances they may save money on a car loan.