Cost of Used Cars Steadily Declines

Used car prices are finally beginning to ebb after years of high demand and reduced inventories. According to USA Today, the average price of used cars is down in October from September, and reduced compared to the same time period last year. New car dealerships saw a month-over-month decline of 4.2 percent for used car prices, and 3.6 percent reductions from last year. Independent dealers have seen price drops among used models as well – 6 percent drop from September and a 7.4 percent difference from the same time one year ago.

As the economy continues to recover from the recession, more drivers are trading in their current vehicles for newer models. This is helping to grow the overall used car inventory, giving buyers more options to find used vehicles. Some models are presenting more of a value than others, and midsize sedans are at the top of the chain.The wholesale price of used midsize sedans has dropped a whopping 9.4 percent in the past 12 weeks, CBS News reports.

"This trend is going to produce some values for retail shoppers in the used car market," Black Book senior analyst Ricky Beggs told CBS.

As the cost of used models drops, those who may have been putting off getting their next vehicle might want to start shopping around for the perfect ride. New Jersey State Auto Auction has a wide selection of makes and models that changes regularly, making it an ideal place to begin the search. The dealer guarantees credit approval as well, thanks to partnerships with a number of lenders, so even individuals with less than perfect credit can get behind the wheel of a reliable and affordable car.