Get My Auto Reports First Major Dip in Used Car Prices Since Great Recession
In a new statement to the press, Get My Auto details a significant decline in used car prices.
Orange County, CA, January 13, 2017 (Newswire.com) - To find the best deal on a vehicle, the place to head is to a used car lot. Consumers have long known the reason that why buying a used car is better in many cases, but now they have extra reason to seek their next vehicle from a used car dealership. According to a recent article from Detroit News, used car prices are dropping—the first significant decline in used car prices since the Great Recession. Get My Auto has issued a statement to the press, commenting on this meaningful development.
“Reports from industry insiders show that used car prices were down by about 4 percent in 2016, and we believe the price drop will continue for another year or two,” comments Get My Auto. “For consumers looking to save money on their next vehicle, this is obviously a positive development.”
The Detroit News report confirms that used car prices are dropping almost across the board. Only two categories of used car—mainstream midsize vans and large utility vehicles—have not experienced price drops.
“As for why this is happening, a lot of it boils down to supply and demand,” comments Get My Auto. “New car dealerships have pushed leasing pretty hard in recent years, and now a lot of vehicles are coming off lease and being sold used—meaning the used car market has been flooded with inventory. Also, with the Great Recession behind us, consumers are a little more willing to part with their vehicles, rather than holding onto them—again, increasing the available supply.”
Another important point is that, while used car prices decline, new car prices are actually increasing. “The average price of a new car is higher than it has ever been,” Get My Auto says. “So, for consumers looking for a good value, the contrast between new and used could not be starker.”
Get My Auto encourages consumers to seek their next vehicle from a used car dealership—and to do so soon, while these low prices hold steady.
Follow Get My Auto on social media to learn more about everything that is going on in the world of used vehicles.
Orange County based Get My Auto is an informational website about used vehicles. Its aim is to educate consumers about their pre-owned vehicle choices. Content on the site includes automotive news and reviews, cost data, and general tips about seeking out and purchasing used vehicles. More information can be found on the Web at www.getmyauto.com. Get My Auto is headquartered in Orange County, California. Additionally, Get My Auto can be contacted at: 17901 Von Karman, Suite 667 Irvine, CA 92614, or reach by phone at 949.408.3264
Source: Get My Auto