Is Now the WORST Time to Buy a Used Car?
Buyers are returning to car lots after years of waiting, but many are facing sticker shock. A new report from Edmunds highlights that while the used-car market is thriving with vehicles quickly selling, the average price of used cars remains significantly higher than pre-pandemic levels. The average used car sold for $27,113 in the first quarter of this year, a 4.5% drop from last year but still 34% higher than in 2019.
New car prices also decreased slightly to $46,992, marking the first time in nearly two years that average transaction prices have been below $47,000. The influx of older used cars, with the average trade-in age rising to 9.4 years, suggests more affordable vehicles will soon be available, potentially boosting the industry.
However, buyers are increasingly opting for newer used vehicles due to the high prices of new cars. Edmunds predicts this trend will continue until new car incentives return. Buyers are advised to remain cautious and well-informed as they navigate this changing market.
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