If you’ve been thinking about buying a used or certified pre-owned car, now could be a great time to buy. CarGurus reports that used car prices have dropped 5.4 percent on average since May, and prices could fall an additional 2 percent by the end of January.
“For used car shoppers, it really is the most wonderful time of the year to find a great deal,” says Dave Galvin, director of data analytics at CarGurus in a press release. “If a car purchase is on your radar, don’t wait. Getting your search underway now could save you hundreds of dollars.”
• CarGuru’s data shows that some of the biggest price adjustments can be found on used sedans and hatchbacks.
• Prices on used sedans have fallen 2.73 percent in the last three months to an average of $15,447.
• The average used hatchback price has dipped 4.2 percent to $13,776
• Used crossovers are down 1.9 percent to an average of $19,695.
So why is the holiday season the best time to buy? CarGurus reports that demand for used cars is at its peak during the spring and summer. As a result, dealers lower their prices during the winter months to attract shoppers and move cars off their lots.
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