TAMPA, Fla. — Just weeks into the new year, used car buyers are getting some relief from sticker shock.
Industry Analyst iseecars.comreleased a new study that shows used car prices fell 6.2% or an average of $2,156 in Tampa Bay in the past year.
Karl Brauer with iseecars.com told ABC Action News that interest rates and other factors are lowering demand.
“I think there's more concern about economic circumstances than there was six months ago. And I think, unless that changes drastically, I think that'll continue and people will be more hesitant to buy a car.”
The supply of new cars is slowly increasing, which could push the prices of used cars down even more. But we are still nowhere near pre-pandemic auto prices.
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Auto Trader Executive Editor Brian Moody advises buyers looking for a deal to stick with sedans, hatchbacks and small SUVs.
“If you go looking for those things that you want to deal on, don't go looking for the thing that is what everybody else wants, namely full-size SUVs and full-size pickups."
The news isn't as wallet-friendly for those looking to buy a new ride.
Bill Currie Ford in Tampa General Manager Sean Sullivan points to disappearing dealer incentives and ongoing supply issues for his prediction that buyers looking for new vehicles won't soon see any drastic price drops.
“At least the good news I can tell you for 2023 is the used car market has hit its ceiling. Vehicles are no longer being sold for over MSRP from the previous model year.”
To save the most on your next vehicle:
- Be flexible on options
- Stick to payment of less than 20% of your take-home pay
- Know the price before you go
For resources on prices and other auto information, check out www.iseecars.com, https://www.edmunds.com, www.autotrader.com and www.kelleybluebook.com.
