2015 Shaping Up to be a Great Year to Buy a Used Car
Just like the housing market fluctuates with demand and interest rates, so does the car market. Thanks to rising demand for new cars, prices for used cars are expected to plummet in 2015, making it a great year to buy. For the best selection of used cars, Cincinnati, Ohio residents know that McCluskey Automotive is the best place to shop.
According to data from ratings agency Fitch and Black Book, a service that publishes used car values, used car prices are poised to fall in 2015 as demand for new cars drives production. The decline is expected to follow a trend that started last year.
In 2014, used car values were down 12.1 percent from the previous year. In 2015, they are expected to be down 14.5 percent. Values for used cars are returning to their norms from before the recession. As the economy floundered, used car values went up as they were more attractive to those looking to cut costs. Now that the economy is rebounding, demand for new cars is going up and demand for used cars is going down.
Another reason that demand for new cars will lower prices for used cars is that previously owned inventory is expected to rise. Many people looking to buy a new car trade in their cars first, which contributes to the inventory of used cars. When supply outpaces demand, prices drop.
All of this is great news for this in the market for a car. By shopping for a used car, you have your choice of an expansive selection and can pay bargain prices.
In particular, you are likely to find the best deals on luxury vehicles, which are down 18.1 percent. Full-size passenger vans have experienced the least depreciation, followed by small pickup trucks and SUVs. Small, compact cars are also a good buy since gas prices are lower and buyers aren’t as concerned with fuel-efficient vehicles and demand has waned.
Going forward, used car values are continued to fall for the next three years. Meanwhile, those looking to trade in a car are not likely to get good offers, and those looking to lease a car should expect to pay a little more. Demand for leased cars is going up just as it is for new cars, and prices for both are rising.
Now is the perfect time to shop for a used car. Luckily, if you are in the market for used cars, Cincinnati, Ohio has some of the best offerings. McCluskey Chevrolet has a large selection of quality previously owned vehicles at low prices throughout the year. Visit us today to find your perfect car.