Used Car Prices May Drop 5% in June
May 31, 2012
The prices of fuel-efficient used vehicles are expected to drop by 5% in June, according to the National Automobile Dealers Association.
Prices had been increasing since January, but they peaked this month and are expected to keep falling through the end of summer.
With gas prices below $4 per gallon, car buyers are more likely to consider larger cars and SUVs instead of smaller, fuel-efficient vehicles. For example, a 2009 Honda Civic LX is expected to drop in price by $600 in June.
Used hybrid vehicle prices are also expected to drop by a good margin, so if you've been waiting for a deal on these types of used vehicles, this summer should offer you plenty of options.
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