Is this a good time to buy a used car?

With a number of Chrysler and GM dealers being shut down, I know they’ll be selling off their cars to empty their lots. Will this translate to a larger number of used cars available, as well (and thus, lower prices)? Is this already happening, or would it be better to wait a few weeks or months before we see used car prices dropping?

Actually, this is kind of a tough time to buy used cars.

The fact that the companies are shutting down new car dealers does have an impact on used cars, because a large number of those disenfranchised dealers are turning their dealerships into used car dealerships. Once they get rid of their new cars, which they have to do by a certain time, they will start buying used cars to put on their lots. The extra pressure from more dealers putting more used cars on their lots is driving up the price of used cars.

If you are looking for used, it would probably be better to wait a few months, if you can.

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