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A surge in off-lease vehicles will drive down used-car prices in 2013.
Edmunds.com projects that there will be as many as 500,000 more car buyers coming off leases in 2013 than in 2012. That's 500,000 more potential new car customers to buttress the remaining pent-up demand.
Those lease terminations should have a ripple effect on the auto industry -especially on used cars. Off-lease vehicles and more trade-ins will flood the used car market and help to bring down prices. Edmunds.com expects the average used car price to fall $200-$300 per vehicle in 2013, which will continue the price drop we saw this year after used car prices peaked in 2011.
New-car sales will grow in 2013, but that growth will slow to a single-digit pace, says Edmunds.com, the premier resource for car shopping and automotive information. Edmunds.com projects 15 million new car sales in 2013, a four percent increase over 2012. And while next year's sales won't have as much momentum as recent post-recession years, there is still plenty of optimism in the auto industry.