LANSING, Mich. (WLNS) – Ask anyone who’s shopped for a car recently, and they’ll tell you it hasn’t been easy.
But prices for used vehicles are finally falling. That’s good news if you’re looking to buy and potentially a ticking clock if you’re weighing a trade-in.
“It’s been one of my favorite vehicles I’ve owned.”
Jody Vining came to a Delray Beach car dealership looking for the best trade-in value for his pick-up truck.
“I was actually trying to stay sort of ahead of the wave and try to get the most I can get for the trade before the bottom falls out,” said Vining.
While that bottom is still far-off, prices for used vehicles are finally starting to decline down almost half a percent from July to August.
“What people wanna feel is they’re not overpaying for something that is a necessity,” said Eddy Morse, CEO of the Ed Morse Automotive Group.
He says he expects used car prices will continue to drop – and that’s good for the dealership and the customer.
Inventory is sticking around longer, too, as rising interest rates cause some consumers to pump the brakes.
Data from the Bureau of Labor Statistics show new vehicle prices were up 10.1% in August over last year.
Experts expect higher interest rates could drive down new car prices- eventually.