Used car prices to decrease by autumn

June 6, 2012 12:00 AM

Prices for used cars are expected to drop significantly by the fall, according to CBS Moneywatch.

Analysts from the North American Dealers Association (NADA) and Kelley Blue Book (KBB) were in agreement about the price drop, according to the news source. Jonathan Banks of the NADA Used Car Guide projects used car values will drop 5 percent in June, with another 2 percent drop in July.

KBB believes vehicle values will fall this summer as well, but the real savings are likely to be in the fall. Models like the Toyota Camry have jumped 15 percent in price since the beginning of the year, but drivers who hang onto their current vehicle until the fall may see those gains completely eroded.

"Consumers looking for the most attractive prices should wait until the fall, when the market is typically at its annual low point," KBB analyst Alec Gutierrez told the news source.

Those who want to wait until fall in order to take advantage of the savings will need to make sure their current car makes it that far. Investing in vehicle maintenance can ensure cars stay on the road. 

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