Small Cars Equal Great Deals for Used Car Shoppers | Edmunds

Small Cars Equal Great Deals for Used Car Shoppers

SANTA MONICA, California — Savvy used car shoppers may want to consider a compact or subcompact car to snag the best deal, according to Edmunds' Q1 2016 Used Vehicle Market Report.

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, 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 roll call of small cars includes the Dodge Dart, Ford Focus, Honda Civic, Hyundai Elantra and Toyota Corolla.

Shoppers also may consider the Chevrolet Sonic, Chevrolet Spark, Fiat 500, Ford Fiesta, Hyundai Accent, Kia Rio and Nissan Versa.

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.

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