The latest great recession also took used car prices to record new heights, as buyers found a shortage of “nearly new” vehicles on the market, while many potential customers of new cars were relegated to keeping their older autos.
Used car shoppers, five years after the economic crisis passed, are finally catching a break, as prices now see massive slides and are forecast to continue to do so – the new car sales climbs triggered an abundance of older cars on the market.
“Prices will continue to decline because of increased supply,” said Tom Webb, the chief economist for Manheim, a company specialized in used vehicle wholesale auctions, “mostly from off-lease vehicles.”
“We anticipate this trend of accelerating depreciation will continue through the rest of the year,” said Ricky Beggs, Editorial Director at Black Book, a firm specialized in tracking vehicle value, “with smaller cars and luxury segments seeing higher levels of depreciation.”
There are now many great opportunities to snatch a “nearly new” luxury car or other specific models, great news for people on the market for cars with low mileage and many times with a portion of the factory warranty still intact. There are some exceptions, though – mainly within the pickup segment – the nation’s economy also rebounded so the demand from contractors and fleets for professional usage has jumped through the roof.