In the past year, used car prices have sometimes matched or surpassed new car prices.
That trend has switched during the summer.
"the first week of August marked the steepest decline week after week in used car prices that we've seen in over 8 years," said Benjamin Jeffrys, Sales and marketing manager at Dave Hallman auto group.
One reason for this price drop is new car supply.
"We have much more new cars sitting on the lot this year than last year July," said Devin Almleaf, a sales consultant at Auto Express Kia. "Last year a lot of people that wanted to buy new and needed a car immediately were forced into the used car market. And now we have more new cars available which is softening the demand for used cars."
That new car supply looks different from pre-COVID due to an industry shift in how new cars are bought.
"These manufacturers are in fact making cars custom for people all day every day," said Jeffrys. "I'll tell you that 80% of our inventory that lands is already sold before it ever gets here."
Though there are less new cars on lots, the supply is there. And more options help lower prices all around. If you are in that used car market?
"I would say one of the best things you can possibly do is say 'hey, what's my monthly budget?'" said Jeffrys. "'What am I comfortable with?' and then find the right car for you that way."
A common goal people have is to pay around $300 a month. Jeffrys suggests working backward from that number. Calculate that by 72 months and an interest rate (the national average interest rate on used car auto loans is 11,17%) and you'll establish a general price range where you can start looking.
"On the flip side, there's no such thing as a great deal on the wrong car," said Jeffrys
"Get a good idea of what you want. Make sure you get into the car that you like and that you'll love for years to come," said Almleaf. "Don't jump into something that might not be the right car for you, just because the numbers and payment is right. You want to get into something that is going to be good for you long term."
While searching for that car, third party apps with price calculators and postings from many dealerships can be a great resource. Another place used car shoppers are visiting? Facebook Marketplace. While the social media store has plenty of legitimate listings, it pays to be on the look out for scams.
"I would definitely stick to dealers," said Ryan Lariccia, owner of Cars R Us. "There's really no scamming with the dealers. I do scroll on there ever once in a while, and I will see private individuals they'll have a car worth $15,000 that they have listed for $4,900, that's obviously a scam."
Posts that contain lots of details of the car, plenty of pictures, and specify a clean title are more desirable while searching.