Used car prices drop to 4-year low

November 14, 2013 12:00 AM

Owning a car can be expensive, but many drivers take advantage of great deals to keep costs down. These budget-conscious motorists will be pleased to learn that the sticker price of used cars has been steadily falling in the past few months, bringing expenses down to much smaller - and more manageable - figures. 

According to, used car prices are currently at their lowest levels in four years. In the third quarter of 2013, the average price of a pre-owned vehicle was $15,617, which represented a 2.8 percent drop from the previous quarter. That is also the lowest mark since 2009, when the average used car sold for about $14,808. 

"Now that the new car market has hit its strike, buyers are no longer drawn to used cars the way they have been in recent years," said Joe Spina,'s director of used car analysis. "Used car prices will likely continue to decline in the coming months simply because there will be more of these vehicles sitting on dealer lots." 

Not only do these lower prices make it easier for people to purchase a used car, but it also allows drivers to invest more money into their auto repair. Vehicle maintenance is essential for extending the life of a car and ensuring safety, and having extra funds to get an automobile checked by a professional can prevent many future problems. 

Back to news