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Used Car Prices Should Drop
Posted on: 04/04/2017
After new and used auto sales increased annually for seven years and with those increases the lease penetration recorded record highs as a percent of new autos sold.
The majority of leases are for 36 months and in 2017 the auto industry will see a record of 3.6 million off-lease vehicles entering the marketplace. This is during a year when many analysts predict new auto sales will drop from 2016.
Essentially, this is good news for the buyers of late model used-cars. Between trade-ins, off-lease and used rental cars entering the market there should be high inventories and lower consumer prices.
Remember that lower prices on used vehicles can convert buyers from new to used autos. The solution for manufacturers is to increase incentives on new. As early as January incentives were beginning to creep upward and all of this is positive for consumers in that prices will be lower on both new and used autos.
Don’t expect used pickup truck prices to drop since pickups are the hottest used vehicle in the market.
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* Between 7/1/16 and 9/30/16, the average estimated savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/2016, was $3,106. Your actual savings may vary based on multiple factors including the vehicle you select, region, dealer, and applicable vehicle specific manufacturer incentives which are subject to change. The Manufacturer's Suggested Retail Price ("MSRP") is determined by the manufacturer, and may not reflect the price at which vehicles are generally sold in the dealer's trade area as not all vehicles are sold at MSRP. Each dealer sets its own pricing. Your actual purchase price is negotiated between you and the dealer. TrueCar does not sell or lease motor vehicles.