For several months now, used car prices have been on the rise and hit record highs in April and May of this year. A decreased supply for used car dealers coupled with increased demand from consumers looking for fuel-efficient vehicles has driven prices through the roof. Fortunately for those in the market for a vehicle, it appears the prices will decrease in the month of June, according to National Automotive Dealers Association (NADA).
NADA's Used Car Guide for June predicts a 2 percent drop in vehicle prices compared to May, with some models seeing more dramatic shifts. The Toyota Prius, a very popular vehicle among used car buyers lately, will likely be discounted by about $900 from its May price. The Honda Civic and Toyota Camry are also expected to be approximately 5 percent cheaper.
"The trend of rising prices for used cars will reverse course in June because of declining gasoline prices combined with a normal seasonal slowdown in consumer demand for used cars," said Jonathan Banks, senior analyst for NADA.
Those planning on buying a used car in June should make sure their current car is running right. Fixing a minor auto repair or performing a car tune up before bringing a trade-in vehicle to a dealer can help buyers negotiate a better deal for themselves.