Analysis Shows Used Car Prices Going Down [AUDIO]
This spring, for the first time in years, prices for used cars are on their way down.
An analysis of 3 million used vehicle stickers done by Adesa consulting shows prices down 4.5 percent this April versus a year ago, and the trend is likely to continue.
“There’s some real deals out there for folks looking at purchasing a used small car or, it doesn’t even have to be a small car, but maybe a crossover vehicle or some of the more fuel-efficient midsize cars,” Adesa analyst Tom Kontos.
On the downside, Kontos says late-model used cars haven’t gone down much, even though new car sales have been zooming upward.
Some owners are now replacing their clunkers because they have finally come to the point where they cannot drive them any more. So their value for resale may be relatively low, and some work vehicles such as pickups and vans are actually going up in price.