What is claimed to be a glut of vehicles coming to used car lots will drive down prices as much as two percent this year and increase the selection of shoppers. However, new car buyers will take a hit as trade-in values decline with higher monthly payments needed to make up the difference.
That is the view from a report from Edmunds.com, which also looks at what segments are posting the biggest price decreases. Large crossovers, such as GMC Acadia and Chevrolet Traverse, have seen the biggest year-over-year decreases, down 8.3%. Entry luxury cars – BMW 3 Series – and compact cars such as the Honda Civic show the next biggest price decreases in the last year, down 5.3% and 2.7%, respectively.
Edmunds.com’s 2013 4Q Used Car Market report is available for free download at http://www.edmunds.com/industry-center/data/used-car-market-quarterly-report.html.
