- The Honda Civic, BMW 3 Series, GMC Acadia and Chevrolet Traverse are among the used cars seeing the biggest price decreases, according to a new report by Edmunds.
- Large crossovers like the Acadia and Traverse have seen the biggest year-over-year decreases, down 8.3 percent.
- Prices on the 3 Series are down 5.3 percent, while Civic prices are down 2.7 percent year-over-year.
Large crossovers like the Acadia and Traverse have seen the biggest year-over-year decreases, down 8.3 percent.
Prices on the 3 Series are down 5.3 percent, while Civic prices are down 2.7 percent year-over-year.
The pricing on the aforementioned models is the result of a glut of vehicles hitting used-car lots. The increase in supply will drive down prices by as much as 2 percent this year.
The report also found that falling used car prices are likely to affect all car buyers.
"Many car shoppers might not realize how much the new- and used-car markets feed off each other," said Philip Reed, Edmunds senior consumer advice editor. "The boom in new-car leases, for example, is leading to a higher number of lease returns, which adds to the growing inventory of used cars, forcing their prices down."
However, the drop in used-car values could raise the monthly payments of new-car leases. Softer "residual values" — a decline in what a car is worth at the end of the lease — are likely to cause higher monthly payments to make up the difference.
Edmunds provided an overview of the used car market's effect on all car shoppers in a recent news story.
Edmunds says: Important insights not just for used-car shoppers, but also for new-car shoppers, who could actually find their monthly payments going up.