Prices for used compact cars are down 1.5 percent and prices for used subcompact cars are down 5.7 percent year over year.
In comparison, overall used car prices are up 3.2 percent to a first-quarter record of $18,838 per vehicle, the report said.
"Low gas prices and easy credit are making SUVs — and their higher price points — more appealing to used car shoppers, but they're also creating a great opportunity for small car shoppers who now have a wider selection at lower prices," said Jessica Caldwell, Edmunds.com director of industry analysis. "If you're a used car shopper right now and your primary objective is to get a great deal, you'd be smart to consider a compact or subcompact car."
The report also found that the average used car monthly payment is up 4.4 percent in the last three years, to $376 a month.
The average new car lease payment is up 1.3 percent over the same period to $423 a month.
With only a $47 gap between average payments, shoppers now may be more willing to consider a new car lease over financing a used vehicle.
Edmunds says: Some important information for car shoppers to consider before heading out to the dealership.