We’ve been hearing a lot about how used vehicle values will be softening. Well, that moment seems to have arrived, with further evidence coming from the Edmunds quarterly report.
According to Edmunds.com’s quarterly report, post-recession prices hit their peak in Q2 2011 and have just gone down to their lowest level in four years.
What’s behind that? Joe Spina, director of used car analysis at Edmunds.com, says that new cars are where the demand is going. Other analysts would point to the impact of off-lease vehicles.
Loans for new vehicles are plentiful, which also contributes somewhat to used car prices softening as new cars become a more attractive choice for a lot of consumers.
There is good news for dealers in the Edmunds.com report – check it out……