(WHTM) — Used car prices are through the roof with many now selling for 30% more than a year ago. The good news, those price hikes are starting to slow. The bad news, fuel-efficient cars are now seeing the biggest price hikes.
After last year’s historic run-up in used car prices, buyers are finally getting a breather! New data from iseecars.com finds selling prices down almost 3% this year because some have become more expensive than brand new cars!
“We saw a small drop in used car prices from January to February, and then we saw an even larger drop from February to March,” Karl Brauer said.
The news is encouraging, however, he also says the site found smaller cars and hybrids are now seeing bigger price hikes due to high gas prices. A used Hyundai Sonata, Kia Rio and Forte, and Toyota Prius may save money on fuel, but their purchase prices are up 40% from a year ago.
Get daily news, weather, breaking news and alerts straight to your inbox! Sign up for the abc27 newsletters here.
From the doesn’t that stink file, the reasons used car prices remain high according to iSeeCars. Demand is high due to the peak spring buying season, tax refunds, and the ongoing chip shortage. One bright spot, if you want a pickup truck, those prices have dropped most, because of those big gas tanks and hundred-dollar fillups.
Experts say with rising interest rates slowing the market, used car prices should come down further as the year goes on, so yoou don’t waste your money.