Cars.com: December Used Prices Continue Downward Spiral
As 2012 wrapped up, used prices continued their downward spiral — perhaps welcome news to buyers looking for a new pre-owned ride in the new year.
An entry in Cars.com’s "Kicking Tires" blog indicates that late-model used-car prices declines for the sixth straight month in December.
Specifically, prices dropped an average of $115 from Nov. 1 to Dec. 1 to rest at $21,711, according to the site’s data.
"That's the lowest average price we've seen in Cars.com's national used-car inventory since February 2012," wrote Mike Hanley, the blog entry's author.
Interestingly, General Motors held both the biggest drop and highest increase in price for used models.
First, the Pontiac G8 — which was last offered as a 2009 model — saw the biggest price decrease for the month, dropping 7 percent (about $1,600) of its average asking price, according to the blog post. After the drop, the model settled at an average of $22,456.
Hanley noted that "perhaps the looming winter months are motivating sellers of this rear-wheel-drive car."
Moreover, the Chrysler 200 and Mitsubishi Endeavors also saw significant drops in asking price, falling 7 percent this past month.
On the other hand, GM’s Buick LaCrosse saw its average price rise by 7 percent (also about $1,600) to $23,226, according to Cars.com data.
The Mitsubishi Galant prices also advanced 7 percent.
To see the full blog post, see here.