Jacksonville, FL — If your finances are in order, WOKV's Consumer Warrior Clark Howard says now may be a good time to buy a used car.
"I would say that things from a buyer's perspective are really, really phenomenal now," says Howard.
He says prices are currently down about 11% and that could drop further.
"There's a lot of predictions by people who work in the automotive industry that this is just an early signal and that over the next few months, as the used vehicle market floods with product, we'll see the prices drop even more," Howard says.
Howard says there are multiple factors leading to the market being flooded with used vehicles, including that, overall, people aren't really buying used cars or trucks right now. He says the purchase market is down about 60% amid the coronavirus outbreak.
Additionally, Howard says we're also seeing leased vehicles and rental cars hitting the market as well.
"Nearly 100,000 leased vehicles per week, I think is the number, are coming back from leases. Maybe 90,000, something like that. And there's no market for these," says Howard.
But for buyers, he says this is good news.
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