Used Car Prices Taking a Hit During Pandemic

Used car values typically decline when the country enters tough economic uncertainty like we are experiencing with the coronavirus outbreak.

During the Great Recession, 3-year-old vehicles lost nearly 10% in value, whereas the year before they declined less than 5% in value.

Multiple factors will impact used vehicle values differently, and lower demand, unusually timed off-lease inventory and reduced auction prices are adding up to a decline in used car values. New car incentives from automakers in response to the coronavirus crisis only add to the problem for used car sellers because new car prices are suddenly appealing. This only further cuts prices of off-lease, near-new used vehicles

Read the article at The Detroit Bureau.

The post Used Car Prices Taking a Hit During Pandemic appeared first on Fleet Management Weekly.

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