With a weak economy coupled by a favorable outlook towards gasoline prices, one news provider is urging consumers to get into the used car market to get a great bargain.

U.S. News and World Report recently stated that the consumer price index, which reportedly measures how much people pay for goods and services, dropped .4 percent in the last year, which is the first time it’s done so since 1955.

According to the news provider, this sour news for the economy is good news for consumers who strive for bargains.

One of the areas the magazine focused on was transportation and said that “now is a great time to buy that used Prius,” and that people should hold off on buying a new car.

This goes along with a recent report from the Energy Information Administration which predicted manageable gas prices this summer, USA Today reports. The price for regular gasoline is expected to average $2.23 a gallon and may remain in that range through next year.

With low gas prices and a fuel-efficient used car, a consumer could save more money in the future.

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According to one company, if Americans were given an incentive to buy used cars, it may help improve the economy.

CarMax is urging Congress to consider including used vehicles in the proposed Cash for Clunkers legislation in an effort to have more Americans afford a car.

The proposal legislation aims to increase new auto sales by giving consumers a voucher to trade in their older car for a new one. The amount will reportedly depend on the make or model of the car.

However, if Congress allows used cars to be included into the legislation, the thinking is that it will allow more Americans to purchase a car, thus spurring the economy. Given the popularity of hybrid vehicles, it may also help get older model cars, which may not be environmentally friendly, off the road, which is another goal of the Clunker program.

Because of the current state of the economy, many people have looked into purchasing a used car instead of opting for a new one, citing their need to save money.

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People in the market for a used car with excellent fuel efficiency may get excited about some data from the Energy Information Administration.

According to the EIA, prices for regular gasoline are expected to average $2.23 a gallon during the summer driving season, which could be described as a relief from the approximately $4 a gallon the public had to deal with last year, USA Today reports.

Tancred Lidderdal, a senior economist for EIA, told the news provider the “bargain prices” on gasoline may entice Americans to drive more. And this may not just be a trend. The administration is predicting the average price per gallon for gasoline will be around $2.42 in 2010.

The report suggests people in the market for a used car may be able to save even more money if the vehicle they purchase is fuel efficient.

Last year, Consumer Reports rated some of the top fuel efficient used cars on the market, which included the 2004-2006 Toyota Prius that reportedly gets 44 miles per gallon, as well as the 2006-2007 Honda Civic Hybrid that gets 37 mpg.

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That late-model used car you’ve been eyeing may have gotten better, at least in the eyes of some insurance companies.

A new report released by the Insurance Research Council has found that used cars with front and side airbag systems have a “beneficial impact” on auto injury insurance claim costs.

The increase of automobile safety was found in 2007 vehicles that filed various claims when compared to older models, such as ones from 1990 or 1980, where only seatbelts were found in the car, according to the report. Among the 2007 cars, 82 percent had front and side airbags, suggesting cars from that year and onward may be a safer used car to purchase.

The presence of the airbags was associated with less significant injuries and lower claim costs when the vehicles were involved in a crash.

“Motor vehicles are becoming safer, and these improvements are having a noticeable impact on the seriousness of injuries and the ultimate cost of auto injury claims,” said Elizabeth Sprinkel, senior vice president of the IRC. “These favorable trends have helped offset some of the pressure caused by the accelerating cost of medical treatment for auto injuries.”

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