Photo: Flickr via libertinus
Used car prices, after rising sharply this year, are starting to fall.But experts advise waiting until later this year to buy a vehicle to take advantage of the best deals.
Small and midsize used cars will drop in value by 5 per cent during June, predicts analyst Jonathan Banks of the NADA Used Car Guides.
Prices for all used cars are forecast to decline about 2 per cent next month, with the decrease driven largely by the falling cost of gas. Banks cites the example of the 2009 Toyota Camry, which saw its price rise 15 per cent, to $13,325, from January to May. He expects the value of that same Camry to decline by $675, or 5 per cent, in June.
But that vehicle and other used cars will be cheaper still by this autumn, says senior market analyst Alex Gutierrez of Kelley Blue Book’s kbb.com website. He expects prices to continue to drop 2 to 3 per cent a month until fall.
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