Used Car Prices in the Northeast Expected to Hit Historic Lows This Summer
After weeks of decline, used car sales are back up as states reopen and dealerships are welcoming back buyers. As a result, car inventory will flood the market, which will impact car prices in the consumer’s favor. CoPilot is predicting pre-owned car prices will fully drop starting in mid-July and going through September. The North East region, car prices have already dropped 3% since March 1st, but we do not recommend buying now.
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 to their expected low-point.
Factors affecting used car prices
A combination of factors are resulting in used car prices falling*:
- Wholesale car prices 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 some cars have had slight price drops since March, but will see price drops varying 13% to 23% by mid-July. Based on our proprietary database of 1.3 million car listings, we predict the 20 cars below will experience the biggest price drops in the North East. Topping off the list are the 2016 Dodge Charger and Dodge Challenger, which have dropped in price over 10% since March and are expecting price drops over 20%. Other sedans such as the Kia Optima and Kia Stinger are predicted to see price drops of over 15% making them great deals come July.
Expected Used Car Price Drops: North East
2016-2018 Models
*March 2020 vs. June 2020*Don’t see the car you’re looking for?CoPilot’s used car price tracking tool lets you search any model and find the perfect time to buy - which could save you thousands on your next car.
20 Used Cars Whose Prices Have Already Dropped
If buyers need a car right now, but don’t want to over pay, the cars on this list have already seen price drops. Higher priced cars like the Mercedes-Benz G-Class, Volvo S60 and XC60 are currently experiencing considerable price drops. Smaller cars popular with commuters like the Chevrolet Sonic, Kia Optima and Hyundai Santa Fe have also had large price drops, and will make for great deals! Don’t wait too long, these cars aren’t predicted to drop any further.
Used Car Prices That Have Already Dropped: North East
2016-2018 models
March 2020 vs. June 2020
Price Drops by Brand
Brand loyal car buyers will be happy to see some of their preferred brands have large price drops. Luxury brands, Volvo, Land Rover and Tesla are seeing drops of 5% or more. International brands with high inventory are also experiencing significant price drops due to a large volume of cars produced.
Brands with the Biggest Price Drops
2016-2018 models
March 2020 - June 2020
