Used Car Prices in the Midwest Expected to Hit Historic Lows This Summer
The economic shutdown has already caused used car prices in the Midwest to drop 3.4% since March, but bigger drops are yet to come.
The Midwest is the beating heart of the American automotive industry, and few regions have felt the impact of COVID-19 shutdowns of auto plants and car dealerships as strongly. In the Midwest car prices have already dropped 3.4% overall, but by analyzing our proprietary database of over 6 million used car listings we are predicting that average prices of 2016-2018 used vehicles will drop an additional 7% by the end of the summer.
Buying too early could mean paying thousands more for the exact same car. Take advantage of massive price drops this summer by using CoPilot’s used car price tracking tool to be alerted whenever prices drop.
Factors affecting used car prices
A combination of factors are resulting in used car prices falling*:
- Wholesale car sales are down significantly
- Record numbers of off-lease and rental vehicles will hit the market this summer
- New car incentives will have a corresponding impact on the used market
20 Used Cars With the Biggest Upcoming Price Drops
While we haven’t seen prices drop on these models yet, below are the models we’re predicting will have the largest price drops this summer.
Used Car Expected Price Drops: Midwest
2016-2018 Models
March vs. June 2020
|
Vehicle |
Retail Price (Mar 1, 2020) | Retail Price (Current) | % Change | $ Change | Expected Lowest Price | Expected Price Change |
| 2018 Kia Optima | $15,674 | $15,876 | 1.29% | $203 | $13,793 | -13.29% |
| 2017 Lincoln MKZ | $22,018 | $22,293 | 1.25% | $275 | $19,376 | -13.25% |
| 2016 Mercedes-Benz S-Class | $55,727 | $58,295 | 4.61% | $2,568 | $49,040 | -16.61% |
| 2017 BMW 3 Series | $25,024 | $25,861 | 3.38% | $838 | $22,021 | -15.38% |
| 2016 Chevrolet Spark | $9,041 | $9,513 | 5.22% | $472 | $8,137 | -15.22% |
| 2018 Mitsubishi Mirage G4 | $10,034 | $10,334 | 2.98% | $299 | $8,830 | -14.98% |
| 2016 Ford Transit Connect Wagon | $15,400 | $15,548 | 0.96% | $148 | $13,244 | -14.96% |
| 2017 Infiniti Q60 | $29,607 | $30,463 | 2.89% | $856 | $26,054 | -14.89% |
| 2017 Dodge Charger | $25,964 | $26,553 | 2.27% | $589 | $22,849 | -14.27% |
| 2018 Hyundai Accent | $11,296 | $11,547 | 2.22% | $251 | $9,941 | -14.22% |
| 2017 Buick Regal | $17,543 | $17,912 | 2.10% | $369 | $15,438 | -14.10% |
| 2017 MINI Hardtop 4 Door | $18,368 | $19,096 | 3.96% | $728 | $16,531 | -13.96% |
| 2016 Cadillac ATS Coupe | $23,020 | $23,440 | 1.83% | $420 | $20,257 | -13.83% |
| 2018 Hyundai Tucson | $17,867 | $18,151 | 1.59% | $284 | $15,723 | -13.59% |
| 2017 MINI Countryman | $23,295 | $24,118 | 3.53% | $823 | $20,966 | -13.53% |
| 2017 Land Rover Discovery | $42,715 | $42,470 | -0.57% | ($244) | $36,735 | -13.43% |
| 2018 Dodge Grand Caravan | $17,193 | $17,078 | -0.67% | ($115) | $14,786 | -13.33% |
| 2018 Toyota Avalon | $24,520 | $24,819 | 1.22% | $299 | $21,577 | -13.22% |
| 2017 Kia Sedona | $18,829 | $18,675 | -0.78% | ($154) | $16,193 | -13.22% |
| 2018 Mazda CX-3 | $17,627 | $17,822 | 1.11% | $195 | $15,512 | -13.11% |
Luxury cars represent a large portion of the cars on this list which correlates with luxury cars being offloaded at higher rates and lower demand. Off-lease luxury models are saturating the market, so this summer will provide some fantastic opportunities to pick up luxury models at steep discounts. Porsche Cayenne, Mercedes-Benz S-Class, and BMW 3 Series have already dropped 3-4% and are expecting price drops in the 15%-16% range.
Compare that to mid-priced models, Hyundai Accent and Buick Regal that are expecting price drops of 13%-14%, but have so far only dropped a little over 2%. One of the major factors impacting the pricing of mid-priced models is the recent bankruptcies of large rental companies - as the fleets of those companies are auctioned off, prices for value and commuter models will drop significantly.
CoPilot’s used car price tracking tool will help you find the perfect time to buy - which could save you thousands on your next car.
20 Used Cars Whose Prices Have Already Reached Their Lowest Prices
While most models haven’t yet reached their lowest expected prices, there are several models that are already at or near their expected lowest prices - if you’re looking at any of these models, you may want to snag one during this window of opportunity.
The Midwest is showing some large drops on popular commuter models. The 2016 Toyota Avalon Hybrid has already seen an average price drop of 15% ($3,351) since March 1, and is currently 3% below its lowest predicted price - an excellent buy. There are also great value options available, like the
Hybrid and electric cars follow similar logic to the luxury models we saw above. This explains the second biggest price drop on the list, the 2016 Tesla Model S, which has seen a 15.21% percent price drop since March 1st, 2020.
These makes and models are some of the best buys in the midwest. To avoid missing any price drops for the car you’re considering, sign up for price alerts from our Price Pulse feature. Never buy at the wrong time again.
Used Car Prices That Have Already Dropped: Midwest
2016-2018 Models
March vs. June 2020
|
Vehicle |
Retail Price (Mar 1, 2020) | Retail Price (Current) | % Change | $ Change | Expected Lowest Price | Expected Price Change |
| 2016 Toyota Avalon Hybrid | $22,163 | $18,812 | -15.12% | ($3,351) | $19,503 | 3.12% |
| 2016 Tesla Model S | $60,135 | $52,069 | -13.41% | ($8,067) | $52,919 | 1.41% |
| 2016 Land Rover Range Rover Sport | $43,462 | $39,743 | -8.59% | ($3,720) | $39,116 | -1.41% |
| 2016 Hyundai Elantra GT | $12,234 | $11,196 | -8.49% | ($1,038) | $11,011 | -1.51% |
| 2016 GMC Sierra 2500HD | $43,197 | $40,499 | -6.25% | ($2,699) | $39,742 | -1.75% |
| 2016 Nissan Versa Note | $9,591 | $8,805 | -8.20% | ($786) | $8,632 | -1.80% |
| 2016 Volvo XC60 | $22,095 | $20,364 | -7.83% | ($1,731) | $19,885 | -2.17% |
| 2016 Chevrolet Silverado 3500HD | $43,187 | $40,789 | -5.55% | ($2,397) | $39,732 | -2.45% |
| 2016 Nissan Altima | $13,777 | $12,468 | -9.48% | ($1,308) | $12,124 | -2.52% |
| 2016 Subaru Forester | $18,336 | $16,642 | -9.24% | ($1,694) | $16,135 | -2.76% |
| 2016 Hyundai Veloster | $13,497 | $12,524 | -7.21% | ($973) | $12,147 | -2.79% |
| 2016 Hyundai Accent | $9,229 | $8,582 | -7.02% | ($648) | $8,306 | -2.98% |
| 2016 BMW X5 | $31,651 | $29,473 | -6.88% | ($2,178) | $28,486 | -3.12% |
| 2016 Hyundai Santa Fe Sport | $15,612 | $14,228 | -8.86% | ($1,384) | $13,739 | -3.14% |
| 2016 Honda Pilot | $25,461 | $23,215 | -8.79% | ($2,246) | $22,406 | -3.21% |
| 2016 Volkswagen Golf | $13,640 | $12,717 | -6.77% | ($924) | $12,276 | -3.23% |
| 2016 BMW X3 | $23,256 | $21,682 | -6.77% | ($1,574) | $20,930 | -3.23% |
| 2016 Infiniti QX60 | $25,240 | $23,534 | -6.76% | ($1,707) | $22,716 | -3.24% |
| 2016 Scion iM | $12,900 | $12,050 | -6.59% | ($849) | $11,610 | -3.41% |
| 2016 Subaru Legacy | $16,204 | $14,819 | -8.53% | ($1,385) | $14,259 | -3.47% |
Looking for the best deals on used cars?CoPilot’s car shopping app will search all dealers and listings in your area to find you the perfect car.
Brands With the Biggest Price Drops
Similar to national trends (link our national blog), luxury brands are experiencing the biggest price drops in Midwestern used car markets. The combination of an oversupply of luxury cars and buyer frugality in regards to high-priced items has caused luxury brands to drop in price earlier and more steeply than other segments. This is a buyer’s market for anyone with their eye on a luxury brand - we’re unlikely to see drops this steep again for quite some time.
Used Car Price Drops by Brand
2016-2018 models
March - June 2020
|
Brand |
% Change |
| Tesla | -13.11% |
| Volvo | -7.76% |
| Subaru | -6.37% |
| Acura | -4.70% |
| Lexus | -4.68% |
| Mazda | -4.53% |
| Hyundai | -4.15% |
| Chrysler | -3.70% |
| Honda | -3.62% |
| Volkswagen | -3.57% |
| Nissan | -3.54% |
| Toyota | -3.52% |
| BMW | -3.46% |
| GMC | -3.35% |
| Kia | -3.25% |
| Cadillac | -3.08% |
| Ford | -2.89% |
| Audi | -2.80% |
| Chevrolet | -2.68% |
| Mitsubishi | -2.61% |
| Buick | -2.25% |
| Dodge | -1.75% |
| Mercedes-Benz | -0.48% |
Used Car Price Drops by Type
At the top of the list, minivans and wagons are experiencing the largest price drops with retail prices dropping 4.5% since March. Due to the popularity of those body types in the midwest, large supply and demand are driving prices down. If you’ve been considering an update to your family transport, this summer is looking like the best time to buy - you’ll easily save thousands compared to what you would have paid at the beginning of the year.
However, trucks are a different story. Pickups, especially light domestic models, have high demand but only a small price drop of 3% due tolow fuel prices, low interest rates and a temporarily reduced supply of new pickups due to factory shutdowns. Shoppers should not expect any further price drops for trucks this summer - instead, it may be a better idea to wait for manufacturing to resume and for new-model incentives to drive used model prices down.
Used Car Price Drops by Segment
2016-2018 Models
March - June 2020
| Segment | % Change |
| Wagon | -4.50% |
| Minivan | -4.30% |
| Hatchback | -3.80% |
| Crossover | -3.80% |
| Sedan | -3.60% |
| SUV | -3.60% |
| Cargo Van | -3.10% |
| Truck | -2.90% |
| Exotic | -2.70% |
| Van | -1.00% |
Summer 2020 is likely to be the best time to buy a used car this decade
With several economic and market impacting the used car market simultaneously, CoPilot expects this summer to be the best time to buy a used car this decade. Since prices are likely to shift rapidly as the market continues to correct, timing will be much more important than normal - missing the ‘sweet spot’ by even a single week could end up costing you thousands of dollars on some models. To help you stay up-to-date with the best deals, we built a tool to help track the large price changes we’re expecting this summer. Most importantly, it will alert you whenever used car prices have reached their lowest point so you know you’re getting the best deal possible.
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