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Used car prices are beginning to fall

Used car prices are are beginning to fall, and used car inventory is now at pre-pandemic levels, finally. But be aware of the quality of the vehicle.

BUFFALO, N.Y. — For several years now consumers have been watching car prices skyrocket out of control, and for the first time ever, a used car was often fetching more than the original cost of the vehicle, in some cases as high as 50 percent more.

But those times are a changing, slowly.

Used car availability is now at pre pandemic levels, but car lots don't have a lot of the entry level vehicles, as many manufacturers continue to cut the entry level trims.

Zack Shefska who co-owns Caredge.com, says a new car in the United States is now averaging $49,500. But for those buying used, now is a much better time to wheel and deal, but do some simple homework.

Shefska says if you are buying a used vehicle, you need to know how long it has been on the dealer lot, because the longer it has been sitting, the more likely the dealer will negotiate.

"They use to go to the auction. Now they are incentivized to sell to a retail client, and feel comfortable negotiating the out-the-door price; all fees, taxes, and arm yourself with more information than ever before on the internet" Shefska told 2 On Your Side. 

Shefska also says if you are buying a used vehicle, it is more important than ever before to have a pre purchase inspection done, or PPI. They are seeing a lot of poor quality used vehicles showing up on dealer lots.

As for new vehicles, some manufacturer incentives are creeping back into the market after several years of selling at full retail price, and often even more.

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