Dealers: some used car prices going down

Published: May. 26, 2022 at 3:58 AM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

QUINCY (WGEM) - There’s a good news for those looking to buy a used truck or SUV.

Quincy Shottenkirk Toyota sales manager Aaron Peters said they have been noticing prices for used trucks and SUVs have been dropping over the past two months.

He said there’s a surplus of those cars as people have been trading them in for more fuel efficient vehicles.

“You are seeing a lot of people move, at least right now, to vehicles that are getting a little bit better gas mileage,” he said. “You are getting into the summer season so your not always needing that four wheel drive or that all wheel drive.”

He said while it can vary from car to car, they are seeing the prices drop anywhere between $2,000 and $4,000.

Peters said whether those prices continue to drop depends on the supply of new cars.

“A couple months ago, we were hoping that things were gonna get better on the new car front but it seems, as of right now, we are getting progressively less and less each month,” he said. “Which of course, that’s gonna make the used car prices go up a little bit in value. Just knowing if there’s not enough new vehicles to go around the only thing there is left to sell is gonna be used vehicles.”

Peters said due to the uncertainty in the market, it’s hard to predict what will happen to used car prices as we move into the summer months.

Copyright 2022 WGEM. All rights reserved.