McLean, VA (written by Kelsey Mays/cars.com via USA Today) -- Pricing for used cars are easing a bit, and new cars are the reason.
A sustained rise in new-car sales has boosted the supply of late-model used cars. Why? Because now there is a fresh, new supply of traded-in vehicles.
More supply means prices can drop. They're down 2.1% from a year ago at the wholesale level, says Adesa Analytical Services.
It's the latest bit of good news for used-car shoppers, and it caps price drops in the 4% range all summer, Adesa said. September's drop represents less relief, but prices are still falling. Large cars, vans and full-size SUVs bucked the trend with price increases in September, but small and midsize cars saw modest drops. Midsize and large crossovers (down 5.1%), luxury cars (down 5.9%) and midsize SUVs (down 11.2%) saw the largest drops.
That's not to say used-car prices are back to pre-recession levels, or will be anytime soon. In September, auction facilitator The Used Vehicle Value Index from Manheim, another wholesale auction house for used cars, remained a few points below its 2011 highs, but it still outpaces any level before April 2010.