The National Automobile Dealers Association (NADA) reported in April that we could see the price of used cars decrease this summer, and they have recently confirmed that report. In fact, some models’ value could drop by $900 in only one month.
The Car Connection explains that the used car market is leveling out, and the lower demand for used cars makes them cheaper. As the idea of “supply and demand” dictates, when supplies dwindle and demand remains the same, prices go up. For the past several years, drivers were held on to their cars longer. During the recession, many consumers that could buy cars opted not to for fear of taking on too much debt. The recession also caused manufacturers to create fewer vehicles. Now that new car sales have increased, used cars are cheaper.
Chevies have a strong used market, and many models retain their quality while providing great value. Edmunds just named the Chevrolet Tahoe the best used large SUV. Strong performance, interior space, and attractive styling are a few of the Tahoe’s selling points. And, a pre-owned Tahoe is a great choice for someone seeking towing ability on a budget.