Used Car Prices Expected to Drop Next Year
October 11, 2012
If you've been thinking about buying a used car lately, you might want to wait until next year. That's when late-model used cars are expected to drop in price, according to Automotive News
The reason: there will be an additional 600,000 off-lease vehicles returning to the maket in 2013 than in 2012. With such a big spike in supply, there's going to be downward pressure on prices.
Some brands, such as Mercedes, are expecting nearly a two-fold increase in the number of off-lease vehicles in 2013 compared to this year. Others, such as Toyota, say their lease-returns won't spike until 2014. GM will start seeing an increase in lease-returns beginning in December of this year and see a larger increase towards the end of 2013.
Most of these vehicles will be coming off of 2 or 3-year leases, so the downward pressure will be felt mostly on late-model used vehicles, but the impact should also affect overall used car prices as well.
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