Currently, buyers can find plenty of options and some really great bargains on used cars—and things only seem like they are going to improve in the coming months. According to a new report from Cars.com, “an influx of leased cars, which reportedly accounted for a third of all new-car sales as recently as 2015, are returning to market.” The effect of this is predictable: Prices on late-model used cars will likely become more and more competitive in the remaining months of 2017.
What to Expect from the Used Car Market
Here, basically, are what buyers can expect to see as the year progresses. Many cars will come off lease—that is, they’ll be returned to their original dealerships by owners whose lease terms have run out, even as leases on new cars decrease. For most used cars—anything other than a truck or an SUV—this is expected to drive prices down. Off-lease sedans look to be especially low-priced in the coming months.
A Big Deal for Luxury Buyers
The effect of this price drop will be most pronounced on luxury sedans—the segment where leasing has historically been most common.
Cars.com puts things into perspective. “As of Monday, the average listing price on Cars.com for a three-year-old BMW 328i xDrive (a 2014 model) was $25,034,” the article states. “Go back three years, and the average listing price with the same parameters — that is, a used 2011 BMW 328i xDrive in May 2014 — was a steeper $26,828. That’s despite the 2011 model having a lower starting price when it was new ($37,495 including destination) than its 2014 counterpart ($40,250).”
The bottom line: Dealerships across the country may soon have a lot more gently-used luxury sedans than usual, and the effect on pricing could be demonstrably positive. For buyers, this is nothing but good news.
Finding the Best Deals on Used Cars
With that said, it’s still important for buyers to do some legwork and some research, looking into the best places to find used vehicles. In Orange County, for example, there are many places to buy a used car, but not all of them are created equal. To locate the best one for your buying needs, we recommend reaching out to Get My Auto.
We’re in the business of connecting buyers with great, reputable, reliable used car dealerships in Orange County and beyond. As the buyer’s market becomes increasingly favorable, we encourage you to reach out to us to make your next purchase a truly great one. Connect with Get My Auto today to begin that process.