Posted 3/15/2024, 7:35:00 PM
Used Car Prices Falling, Leading More Buyers to Owe More Than Cars Are Worth
- Used car prices are falling after a pandemic-era boom, leading to more people being underwater on loans
- As used car values drop, negative equity is increasing for folks trading in newer vehicles
- Luxury large vehicles and mainstream SUVs offer the biggest savings when buying used vs new
- Deals are available for used cars costing over $55K-$70K, but supply is still low for cheaper models
- Price-sensitive buyers seeking affordable transportation will struggle to find discounts
