Feds: Used cars cost 12% less than a year ago

The economic downturn may give those looking to buy a used car an inadvertent boost, according to new government data that says used models are more affordable than they’ve been in at least a year.

According to the Consumer Price Index, used car prices are about 2 percent cheaper than they were in February, and 12 percent cheaper than if a buyer had made the same car buy in March 2008.

Although gas prices are up somewhat from February, and may hit $2.36 a gallon by the summertime, used car buyers can counteract that by purchasing more fuel efficient cars which can go further on the same tank of gas.

Drivers can also take advantage of the fact that $4 prices for a gallon of gas are highly doubtful for the near future, as prices are down to nearly half of what they were a year ago.

Those who are on a tight budget may be able to take advantage of utility and energy costs that are somewhat cheaper than they were a year ago, and are likely to improve as the weather turns warmer.

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