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End of Year Car Buying Proves Rewarding for Rapid City Credit Union Members

January 01,2013

Highmark Federal Credit Union in Rapid City explains why purchasing a used vehicle at the end of the year can be a rewarding process for members

Rapid City, SD “ End of year sales are starting to wind down for many Black Hills businesses but one Rapid City credit union is reminding residents and current members about one buying trend they shouldn't ignore.

œResearch shows that car shopping for a pre-owned vehicle between Thanksgiving and first week of January can prove to be extremely rewarding. Between dealerships and local credit unions, buyers will see low interest rates matched with savings specials sure to make the buying experience very rewarding, said Terri Larson, Vice President of Lending with Highmark Federal Credit Union.

According to the automotive website, CarGurus, you will receive a much better deal on a used vehicle while shopping close to Christmas instead of waiting until after the New Year.

œWhile it is commonly thought that summer is the best time to purchase a new vehicle, analysis reports like the one compiled by CarGurus shows that in fact the opposite is true. Their report clearly shows that used-car prices have been in steady decline since peaking in late August of 2012 and predicts prices will bottom out by Jan. 8 at almost 5 percent below the August peak. Keeping this in mind, we are urging our members to get out and car shop before this peak dies off and prices climb back up to nearly 4 percent by mid-February, said this Rapid City credit union VP of lending.

Credit Unions like Highmark in Rapid City are currently offering rates as low as 2.25% APR with qualified credit for both new and pre-owned 2011-2013 vehicles. If a new card purchase isn't in the scope of your budget this year, Larson suggests looking at pre-owned vehicles that can offer great value, with great financing options.

About Highmark Federal Credit Union

As the leading Rapid City Credit Union, Highmark Federal Credit Union is a not-for-profit organization that takes pride in the level of customer service they provide to each and every one of their members. From standard checking and savings accounts to business lending and car loans, Highmark Federal Credit Union can help assist you with any financial challenges you may be facing. For more information visit, http://www.highmarkfcu.com

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