Used Car Prices on the West Coast Expected to Hit Historic Lows This Summer
The impact of the COVID-19 economic shutdown on the used car industry is only beginning to be felt. While used car prices in West Coast states have dropped by 3.6% since March 1, CoPilot is predicting an additional 7.7% drop in car prices nationally. We’ve analyzed our proprietary database of over 6 million used car listings to predict how much car prices will fall this summer, and when the best times to buy will be.
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 on the West Coast
While prices on these models haven’t dropped to their lowest expected points yet, the 20 cars on this list are predicted to experience the biggest price drops within the next two months. Currently, all the makes and models on the list have experienced price drops below 9%, but upcoming price drops from the 13-21% range are expected by the end of August.
Expected Used Car Price Drops: West Coast
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
The majority of price drops are happening in the next few weeks, but some models have gotten a head start. The 20 cars on this list have already dropped in price over 9% since March, with some models like the BMW X6 AND Nissa Versa Note already dropping over 12%. The 2018 Jaguar XE has already dropped 16%, a substantial $4,392 off the retail price since March 1st.
These cars aren’t expected to drop much more, so take advantage now.
Used Car Prices That Have Already Dropped: West Coast
2016-2018 models
March 2020 vs. June 2020
Looking for the best deals on used cars? CoPilot’s car shopping app will search all the dealers and listings in your area to find you the perfect car.
Brands With the Biggest Price Drops
Due to a high volume of luxury models coming off lease, luxury brands have seen the largest price drops, with the biggest price drops coming from electric and high-volume foreign brands.
Used Car Price Drops by Model
2016-2018 models
March 2020 - June 2020
Used Car Price Drops by Segment
Models with large inventory and high demand tend to have the largest price drops, so popular family models such as vans, wagons, and minivans are among the highest price drops of 4.4%. The west coast’s penchant for smaller, more efficient cars is driving the high price drops of sedans and hatchbacks of 4% and 4.9% respectively.
Low demand for larger cars on the west coast has stalled price drops for SUVs, crossovers, and trucks, which are seeing price drops of 3% or less.
Price changes by used car segment
2016-2018 models
March 2020 - June 2020
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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