Edmunds: How to make the most of falling used car prices

The past few years have been rough for used-vehicle buyers due to higher prices, less inventory and rising interest rates. Compared to what people normally expect to pay from buying used, it’s fair to say the market has been discouraging. But there seems to be at least a dim light at the end of the tunnel according to Edmunds’ latest Used Vehicle Report.

Edmunds found the average transaction price for a used vehicle was $28,935 in the third quarter. While that’s still way above the average of $20,085 from about five years ago, it has dropped from last year’s record high. In addition, new vehicle prices continue to rise, making used vehicles more appealing for shoppers on a smaller budget. Broadly, the difference in average price between new and used is back to how it was in 2019. Even so, it’s still wise for prospective used vehicle buyers to make sure they’re getting the best value for their money. The experts at Edmunds have compiled six important tips to help you with your next purchase.

Finding out if you’re getting a good price on a used car isn’t as hard as you think. There are multiple online sites like Edmunds that compare the price of the vehicle you are shopping for with others that are for sale in your area. By simply searching for the make and model you want, you’ll know if you are paying above, below or at the market value of the vehicle.