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  • William Maley
    William Maley

    Used Car Prices Are Dropping

    William Maley

    Staff Writer - CheersandGears.com

    July 30, 2013

    Interested in buying a used car? Then we got some good news for you.

    According to Associated Press (via The Detroit News), prices of used cars are dropping. Despite hitting an all-time high back in 2011 thanks to fewer used cars in stock, prices since then have been declining. According to to data from auction company Manheim, the average sale price of a vehicle at auction in June was $11,031, down 6 percent when compared to the peak of used car prices in May 2011.

    The reason? Sales of new vehicles are on the rise, which means an increase of used cars.

    Which vehicle segment saw the largest drop? That would be hybrids which saw a 15 percent drop in their three-year value. Following that are compact cars which saw an 8.5 percent drop and small SUVs with a 7 percent drop. Luxury vehicles and trucks saw the lowest drop of one percent.

    Source: The Detroit News

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

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    With the recovery from the storms pretty much over, people that needed to get an auto right away are taken care of and now it is focused on other things. Plus the variety of new quality cars are making people hold off on buying an older less quality auto and buy something new. IMO

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