Used Car Prices Expected To Drop

By Admin | Posted in Auto Industry News on Tuesday, October 22nd, 2013 at

For the past several years, drivers have been able to reap the rewards of a pool of high-quality used cars for sale. The improved performance and function of pre-owned vehicles on the market, combined with a low supply and high demand, caused prices of these automobiles to skyrocket. However, all signs point to these costs falling in the near future, allowing more motorists to purchase a used car. 

According to The New York Times, prices are beginning to fall from the uptick during the recession, when automakers pulled back production and created a shortage of used vehicles. The National Automotive Dealers Association predicts that the price of used cars between 1 and 3 years old will drop by at least 1.5 percent in 2013. Total sales of pre-owned automobiles could climb as high as 41 million transactions, the news source reported. 

The end of a car shortage may also mean good things for people who need to use loans and other financing options to afford a used vehicle. Whereas the short supply drove up prices, the recent drop should make payments easier to manage and could even cut back on interest rates as well. 

"It's always hard to find a good, clean used car, and it will always be that way," David W. Westcott, chairman of the National Automobile Dealers Association, told The New York Times. "But is it better now than it was three or four years ago? Absolutely." 

If you want to make your search for a used car easier, consider heading to a spot like New Jersey State Auto Auction. There, you'll find hundreds of CARFAX-certified options in one place, which can take a lot of the difficulty out of the hunt and bring you closer to finding a high-quality pre-owned vehicle. 

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