A salesman helps a customer shop for a used car at Novato Ford in Novato, California
The great run-up in used car prices we’ve seen over the last years is over.
It has been for some time.
The latest numbers on wholesale
prices the dealers are paying shows not only how far prices have dropped, but
also raises the questions of how much further they could slide.
Few are predicting a major drop
off from here, but if you’re holding out hope that used car prices will continue
pulling back that trend is working in your favor.
According to the wholesale auto
auction firm Adesa, here are the average prices for September and how much they
have dropped in the last year
Used Car
Prices
|
| Sept. ’12 | 1 year change | |
| Cars | $8,680 | - $187 |
| Trucks | $9,475 | - $347 |
| SUV’s | $12,848 | - $469 |
|
Source:
Adesa
|
The change in wholesale prices may
not seem like a lot, but they reflect a steady decline. (Read More: Used Car Prices
Starting to Fall.)
One that many believe will
continue as the pent up demand in the market continues to drive owners of seven,
nine, even 10 year old cars and trucks to upgrade with a new vehicle instead of
a used one. The gap in pricing between new and used remains small enough that
many buyers looking for an upgrade are deciding to buy new instead of going with
a three or four year old used model. And as financing has expanded to include
more buyers with subprime and deep subprime buyers, many who used to be boxed
out of the new car market are now finding more options. (Read More: Chinese
Second-Hand Car Market Revs Up.)
In other words, they no longer are
restricted just to the used car market.
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