USED CAR PRICES ARE FALLING

Used car prices have dropped by 2.18% over the last 30 days, and are expected to fall 5.7% in 2024.

Over the past eight months the sale price of a preowned vehicle in Phoenix has dropped. The car market is starting to pick up which is creating an increase in used car inventories and driving the cost to purchase down. This is great news for the industry because it will help to provide dealers with available inventory to sell. But, more important, this is wonderful to the consumer who might have been waiting for the right time to purchase another car but waited until inflation cooled. The chart below is from CarGurus which shows the average price for a preowned vehicle and the decline over eight months.

Now is the time if you have to replace your car to take advantage of pricing in the car market.

used cars graph