When the coronavirus pandemic shut the auto industry down, new vehicles weren’t being produced and the supply of used vehicles dried up, driving the prices upwards.
The average asking price of a used vehicle that was 10 years old or less rose more than 9% from $19,800 in May to $21,600 in September. The average retail used-vehicle price has fallen by $100 so far in October when compared with September.
Alex Yurchenko, senior vice president of data science for Black Book predicts the downward trend will continue at least through the end of the year, barring any unforeseen developments with the virus. It’s wise to hold off buying a used vehicle if you can, because prices should drop further by the year’s end.
Read the article at The Detroit News.