According to The New York Times, rising new car sales have led to cheaper used car prices.
This year’s spike in new car sales is good news for used car buyers. As more people opt for new cars, more vehicles will become available on the used car market, lowering their prices. According to Kelley Blue Book, wholesale auction prices for used cars were at a three-year low as of April, and the average price for a one-year-old used car is 18.5 percent lower than it is for the same model new. Alec Gutierrez, a Kelley Blue Book analyst, estimates that the price drop equates to $110 a month in savings. Of course, used car prices vary from city to city, and some locales offer better deals than others.