If economists and remarketing experts are correct, 2017 will finally be the year of significant declines in used-vehicle prices. It's a trend that has been a long time coming. Similar predictions were made in 2015 and 2016 by those same experts. Instead, used-vehicle prices held relatively stable at or near record levels for the past few years.
Various indexes that monitor used car pricing showed slight dips in used values last year, though they remain well above pre-recession levels. Strong demand for new and used light trucks, a growing market for certified pre-owned vehicles and younger – hence, higher-priced – vehicles coming off lease have disguised a lot of the downward pressure on prices in the used market.
What should you remember when you're shopping for a car and looking to save money? Isn't it a great idea to buy a certified pre-owned vehicle because you really know what you're getting? Because of low gas prices, many Americans are buying larger vehicles like SUVs and pick-up trucks. Small cars are a good deal right now since dealers have an excess of them on their lots.