Used Car Prices Expected to Drop Next Year
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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About The Author
Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate
the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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