Used Car Prices Falling This Year

Used Car Prices Falling This Year

That used car you have your eyes on may soon become available as used car prices continue to drop this year.

The Detroit News is reporting that used car prices are falling from this point on until the end of the year, especially with subcompact cars and hybrids.

According to the Alex Gutierrez of  the Kelley Blue Book, the price of a 3-year-old car fell four percent between April and June. Additionally, according to the Manheim auction company, the average price for a used car at auction fell six percent in June 2013 from its peak in May 2011. The average  cost of a used cars sold at auction is now just $11,031.

SEE ALSO: What is a Certified Pre-Owned Car and What Types of CPO Cars are there?

The average retail price of a used car dropped by $1,000 per car in the last half of 2012, and a similar decline in the second half of this year is expected, so if you’re looking for a car there’s likely a good deal to be found in the used car market.

Source: [Detroit News]