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Used car prices have been falling since 2011, and they re expected to decline gradually for the remainder of this year. That s good news for those joining or re-entering the workforce, or anyone else who might find a payment on a new car too steep.
There is some volatility. Prices for used cars are typically higher at the start of the year, when dealers buy cars at auctions in advance monthly car rental michigan of the spring selling season. They decline as the year goes on. The price of a 3-year-old car fell 4 percent between April and June, estimates Alex Gutierrez of car-pricing company Kelley Blue Book.
Used-car dealers get many of their cars from auctions run by companies like Manheim, a division of Cox Enterprises of Atlanta. The average price for a used car at auction was $11,031 in June, down 6 percent from its peak in May 2011, Manheim reported monthly car rental michigan this week. The 2011 peak was the highest price Manheim had seen since 1995, when it began collecting data.
At Manheim-run auctions, banks and auto company financing operations sell cars that have come back after leases monthly car rental michigan expire. Rental car companies and car dealers also sell cars there. Dealers buy the cars, mark them up and sell them for a profit.
Things have turned around. monthly car rental michigan New car sales picked up starting in 2010 and now there are far more used cars in the pipeline. monthly car rental michigan Buyers monthly car rental michigan shopping for a 3-year-old used car can expect to pay 25 or 30 percent less than the manufacturer s suggested retail price for a current new model.
The average retail price of a used car fell by $1,000 per car in the last half of 2012. Gutierrez expects a similar decline in the second half of this year. Keep in mind that used car prices vary widely based on the age of the car and the miles it has been driven.
If you re looking for a used car, check prices online and then decide whether you want to go through a dealer or through monthly car rental michigan an individual. Private sellers will often give you a better deal, but dealerships offer certified pre-owned cars that have gone through inspections and may offer better warranties.
SMALL CARS: Prices on the smallest and most fuel-efficient monthly car rental michigan used vehicles fell rapidly between April and June as gas prices moderated and carmakers enticed buyers with deals on new models. The price of a 2010 Toyota Prius fell 15 percent over the last three months, from $18,600 to $15,800. monthly car rental michigan Prices of small cars like the Honda Civic and Ford Focus are down 8.5 percent. The average price of a 3-year-old small car was $13,000 in June.
MIDSIZE CARS: The value of midsize cars like the Toyota Camry and Hyundai Sonata have been hurt by the arrival of several new or redesigned models that hit the market in the last year, including monthly car rental michigan the Ford Fusion, Honda Accord and Nissan Altima. Prices for used midsize cars are down 6.9 percent to $14,503.
LUXURY CARS: Luxury cars held steady, with used-car prices falling just 1 percent to $28,692. But Gutierrez expects a steeper drop in July, when luxury vehicle values tend to fall as owners anticipate new models coming in the fall.
SMALL AND MIDSIZE SUVS: Prices of hot-selling midsize SUVs like the Jeep Grand Cherokee and Ford Explorer are down just 4 percent, to an average of $20,581. Small SUVs like the Ford Escape and Honda CR-V are down 7 percent to an average of $17,548.
TRUCKS: Pickup trucks are in demand, as small businesses replace older trucks. Prices for used full-size pickups like the Chevrolet Silverado stayed flat between April and June, at $21,854. Prices of small pickups like the Toyota Tacoma are down 1 percent monthly car rental michigan to $17,119.
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