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Used-Car Prices Fall in U.S. as Supplies Grow
A flood of cars and trucks with expiring leases are pouring into the American used-car market, pushing down prices and hiking inventories, The Detroit News reports.
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A flood of cars and trucks with expiring leases are pouring into the American used-car market, pushing down prices and hiking inventories, The Detroit News reports.
Analysts say the average used-car price has dropped 2% to just under $11,000 over the past year. During the same period, inventories of used cars grew by 140,000 vehicles to 9.8 million units.
When the great recession hit, new-car sales dropped and inventories of used cars shrank. The traditional gap between new and used car prices almost disappeared. Now the spread is widening again, and analysts expect continued growth in the used-car market into 2015.
The News cites data from online auto research firm TrueCar indicating that used-car sales in the first nine months of 2014 totaled 28.8 million units, up 3% from the same period last year. Sales of new passenger vehicles in January-September climbed 6% to 12.4 million units.
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