Nobody likes shelling out wads of hard-earned money, or at least normal people don’t. But for the first time since the recession began, used car prices are beginning to fall and are expected to hold that trend over the next few years. So if you’re looking to buy used, you may be in luck.
The drop in used car prices is attributed to an increase in three-year lease agreements, which analysts say will lead to a veritable flood of used vehicles in 2015 and beyond. In 2009, only 1.5 million vehicles were leased, resulting in 1.5 million used vehicles up for market in 2012. Comparatively, now that lease numbers have been climbing, analysts expect used car sales to inflate to three million vehicles in 2015 and beyond.
More cars on the market mean smaller price tags per vehicle. Perhaps now we won’t have to pay close to the original MSRP for a 30,000 mile Honda Civic.