Ten The explanation why You might be Still An Amateur At $255 Payday L…
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Our top selections Top Picks Guides & tips Guides Calculators Tools My NerdWallet Used Car Prices are dropping What Does This Mean for Car Buyers Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able to make financial decisions with confidence. While our website doesn't feature every company or financial product in the marketplace We're pleased that the guidance we offer, the information we provide and the tools we develop are objective, independent easy to use and cost-free. How do we earn money? Our partners pay us. This can influence the products we write about (and the places they are featured on our website) However, it doesn't affect our advice or suggestions, which are grounded in many hours of study. Our partners do not promise us favorable reviews of their products or services. . Used Car Prices are dropping What Does This Mean for Car Buyers The prices of used cars saw a huge decline in December, but buying a car now can still be expensive for some buyers. Written by Whitney Vandiver Writer | Car ownership, car maintenance Whitney Vandiver writes for NerdWallet about ways car owners can save money on ownership and maintenance. She was previously a writer in the oil and gas industry, where she was published in national journals and international magazines. Whitney began writing out of love and finds stories that highlight or aid those in the LGBTQ+ community the most satisfying to write. When she's not writing, she enjoys walking, reading, and walking her Irish wolfhound. Her home is in Houston. January 1st, 2023 The article is edited by Julie Myhre-Nunes. Assistant Assigning Editor Auto loans Consumer credit, auto loans Julie Myhre-Nunes is an assistant assigning editor at NerdWallet. She has been working in the personal finance space for over ten years. Prior to joining NerdWallet, Julie oversaw editorial teams at NextAdvisor, Red Ventures and Quote.com. Julie's personal financial insights have been featured by Forbes, The Boston Globe and CNBC throughout the years. Julie's writings have been featured by USA Today, Business Insider and Wired Insights, among others. Email: . A majority of the products featured here are from our partners who compensate us. This impacts the types of products we review and where and how the product is displayed on a page. However, this does not affect our assessments. Our opinions are entirely our own. Here is a list of and . After more than a year of soaring prices the used car market was cooled by several temperatures in December. The trend brings some relief for car buyers. However, inventories have not yet reach pre-pandemic levels, and consumers haven't yet regained the purchasing power they had in the year 2019. Experts say that the used car market in this year's forecast will improve the consumers must have realistic expectations about the way that car purchases will play like in 2023. December saw a record-breaking decrease in the cost of used cars According to a report from January 2023 from CoPilot which is a personal app for buying a used car, used car prices fell in December for the sixth consecutive month, falling 8.8 percent since January 2022. To put it in perspective this drop was the largest annual drop that the used car segment has seen since the end in the Great Recession in June 2009. But they've still got a way to go before buyers are in familiar territory The average used car price was 30.1 percent more than the market average. It's a market that's seeing "more of a gradual return to normalcy than what one would normally consider a decline," says Joseph Yoon, consumer insights analyst at Edmunds, an online guide to cars. "The rates are still extremely highly, extremely higher." Interest rates still hamper used-car access to affordable financing One influence on used-car prices has been the Federal Reserve's abrasive increase in interest rates due to inflation rising. According to Edmunds, the average rate of interest for a used car loan was up from 8.76% in July to 10.25% in December. As loan rates increase, consumers who finance vehicle purchases will be paying higher fees car, even with lower sticker prices. What does this mean for car buyers Consumers who plan to purchase a used car this year may be pleased to see lower costs for windshields however they will have to navigate a distended car market. Prospective buyers need to anticipate certain trends when they shop for a used vehicle this year. Lower prices than 2022 As demand for used cars wanes, prices should remain in decline. As per J.P. Morgan Research, prices for used vehicles could decrease by 10% to 20% in 2023. If you believe that the Fed continues to increase rates of interest, the cost of vehicles will likely continue to fall in a downward trend. However, not all models will be priced at the same time. Pickups and compact cars have seen the smallest change in prices in the last year, according to Cox Automotive, an auto data firm -- while high-end vehicles and SUVs have seen the biggest price decreases. In the event of a continuation of an ownership cost higher than normal As used-car prices drop, tempting potential buyers, the increase in interest rates will mean that those who have to finance their purchases are likely to feel the strain of an overpriced market. Car buyers who take advantage of falling prices and finance purchases amid increased interest rates could pay more for cars during the term of a loan. In addition to a higher monthly cost, they could have negative equity at the end of the tunnel when they find themselves . Fluctuating trade-in values As per J.D. Power which is a data and research firm the trade-in of vehicles in December received an average value of just $786 in trade-in value than those that were traded in June. As dealerships expect to earn less on used-car sales, trade-in values are expected to continue to decline when compared to last year's. People who plan to sell their current vehicles should expect lower values than what was available in the previous year. "It's going to be a significant reduction of what you're gonna get from the value of your trade-in when you were in search of a car at the end of September" states Terrance Gandy as the manager of used car sales in Route 44 Toyota in Raynham, Massachusetts. Increased but relatively low inventory levels While automakers are working toward production levels that are pre-pandemic and used cars are getting more affordable, the consumer demand will continue to be high following the shortage of vehicles in years past, according to J.D. Power. This may reduce the vehicles for sale since more buyers are likely to purchase vehicles after waiting out used-car prices, which peaked in September. "Even the prices do go down," says Yoon, "for the foreseeable future we'll still be a million of cars short of used car inventory." However, it will let some consumers gain a leg up when bargaining trade-in offers. "They have a better likelihood of negotiating now because dealers have to remove these new automobiles off their showrooms," says Gandy. "The ball is kind of at your disposal if you are able to trade in your car since dealers want your vehicle." About the author: Whitney Vandiver is a writer for NerdWallet which is currently focused on the maintenance of vehicles and car ownership. She has previously written about small business and payments. In a similar vein... Explore even more deeply in Auto Loans Learn more about smart money strategies delivered straight to your inbox Sign up and we'll send you Nerdy content on the topics in finance that matter most to you as well as other strategies to help you make more value from your money. Take all the appropriate money moves Banking Credit Cards Financial Planning Financial News Insurance Investing Loans Mortgages Travel for small businesses Taxes about Help Legal Download the application Note: NerdWallet strives to keep its information up to date. It is possible that the information presented may differ than what you find when you visit a bank or service provider's site or a the website of a specific product. All financial products, shopping products and services are provided without warranty. If you are considering a purchase, read the terms and Conditions. Pre-qualified offers are not binding. 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