New vehicles are still selling a rapid pace, and used car sales are taking a hit as a result. The upside is that savvy buyers can find a really good deal on a used car these days.
Prices on older model vehicles are being particularly hit hard these days. According to the National Automobile Dealers Association says wholesale prices of vehicles up to eight years old fell by 3.6% in September, which is the largest drop this year.
The organization’s used car guide says used vehicle prices at the consumer level fell by 1%, pushing its used car price index to the lowest since March 2011. (more…)