Used Car Prices Finally Drop After 5 Month Streak

Starting in November 2008, used car prices kept rising for 5 consecutive months. Buyers were avoiding new cars and opting for used, which drove prices up.

Last month, used car prices finally broke the streak and fell nearly 1% from the month prior. Prices dropped 6% when compared to the same time last year.

Not all segments dropped however. Luxury vehicles and pickup trucks still increased in price (by about 2%).

Nevertheless, used car prices seem to have leveled off a bit and the opportunity to get a good deal over the next few months has increased.

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