Used Car Prices Expected to Hit Historic Lows This Summer
The economic shutdown due to COVID-19 this summer has resulted in a turbulent year for used car markets, with average listing prices of 2016-2018 models decreasing by 3.5% since March 1, 2020. However, prices aren’t done dropping yet, and are expected to hit the lowest levels since the 2008 recession by the end of the summer.
CoPilot has analyzed their proprietary database of over 6 million car listings from more than 55,000 dealerships to identify which used cars will have the biggest price drops.