Average retail used car prices have dropped to their lowest level in four years — $15,617 in the third quarter of 2013 compared to $14,808 in Q3 2009. According to Edmunds.com’s quarterly report, post-recession prices hit their peak at $16,473 in Q2 2011.
Joe Spina, director of used car analysis at Edmunds.com, says that new cars are where the demand is going. New car offerings and sales have hit a strong pace, and buyers are no longer drawn to used cars the way they were before. Spina says that used car prices will continue to decline in the coming months because there will be more of these vehicles sitting on dealer lots. Franchised used sales were 2.8 million in the third quarter, up 2% quarter-over-quarter and up 11.2% year-over-year, according to the Edmunds quarterly report.
