U.S. car shopping site Edmunds.com is encouraging used car buyers to consider compact and subcompact cars in the midst of an SUV craze.
According to the company’s most recent used vehicle market report, prices of used compact cars are down, and they offer the best value right now for used car shoppers.
“If you’re a used car shopper right now and your primary objective is to get a great deal you’d be smart to consider a compact or subcompact car,” said Jessica Caldwell, Director of Industry Analysis, in a written release.
Prices for used compact cars have dropped 1.5 per cent and prices for used subcompact are down 5.7 per cent year over year, though overall used cars prices in the U.S. are up 3.2 per cent. Prices reached a first quarter record of $18,838 per vehicle.
The report also included other key takeaways for Q1, including:
- CPO sales increased 5.2 per cent in over Q1 2015 hit a record in Q1 at 646,390 sales;
- Credit availability mitigates high prices; and
- Used car payments are approaching average lease payments.
You can find the full Q1 2016 Used Vehicle Market Report here.
