Lower used car prices expected in 2014, according to The News Wheel.
Car buyers looking for a used car might want to wait until later in 2014. According to National Automobile Dealers Association economists, used cars should be getting a bit cheaper in 2014 after five years of rising prices.
Because of the recent economic recession, many car buyers were looking to buy used rather than new, causing the average price of used cars to raise 18 percent from 2007 to 2013. With the recession on a down swing, some analysts predict what they like to call a “correction”—a severe lowering of used car prices, bringing the rates closer to the historical average. This would serve to keep used cars as a viable option for buyers as new vehicles become a more attractive (and manageable) choice.
There is much debate regarding the possibility of this correction coming to head. Some analysts, such as Jonathan Banks, executive automotive analyst for NADA’s used car guide, believe that the price drop won’t be as severe as predicted, with the price of used cars aged eight and below falling only 0.5-1 percent.