A current saying in the real estate industry now also applies to the automotive industry: it’s a great time to buy a car.
Particularly a used vehicle.
April 2008 was the first time in more than 20 years that cars outsold trucks and sport utility vehicles. It was the worst month in a decade in terms of new-car sales, down a full 7 percent from the previous year.
Changes in the Used Car Market
Meanwhile, since January 2008 used car prices have risen consistently, to today’s $13,000 average.
On the other hand, wholesale used truck prices have dropped from about $16,500 a couple of years ago to today’s $14,000 average.