Used Car Prices Drop for First Time this Year

Wholesale used car prices have recently begun to decline again, after a long period of escalation.

This October, prices dropped for the first time since December 2008, particularly for full-sized cars (by 10.2%), mid-sized cars (by 5.4%), and trucks (by 5.2%).

Used car sales normally see a decrease in the fall season. And with the Cash for Clunkers program now over, this year's 4.4% plunge hardly comes as a surprise. The used car supply has grown lately thanks to the spike in new car sales, which involve trade-ins.

While Cash for Clunkers was in operation, used car inventories remained limited as many used vehicles were disabled for the market.

Now as the year inches toward an end, buyers can be on the lookout for a growing supply of used vehicles – and better prices at car lots.

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