Prices for used cars have remained stable for several months, with only a slight increase of around $100. If you are shopping for a used car, or will be in the near future, now is the time. Prices will most likely increase due to the following factors:
There is a large decrease in used car supply due to less low-mileage cars coming back to car dealerships, this is because new car leasing dropped substantially in 2021. These late model used cars are in high demand by used car shoppers who want a fairly new car without the depreciation hit that comes with buying new.
The Fed has lowered interest rates, this will attract more people to the used car market.
Hurricane season was really bad this year, accounting for close to a half million cars being flooded. Most of these cars will not return to the market, adding to the nationwide used car shortage.
The market is in the calm before the storm stage. We are here to help with any and all of your car buying needs, used or new cars. Visit our Consulting page on our website for more information.
Comentarios