With travel at a near standstill during the shutdown, rental car companies unloaded vehicles from their fleets, adding to the used-car surplus while demand was low. Further compounding the oversupply of used cars only a few months ago was the accumulation of off-lease vehicles, CR found. Despite lease extension offers, many customers had opted to turn in their vehicles on time, adding to the surplus of newer used cars.
Anspach says that although forecasters had predicted falling used car prices this summer as rental car fleet reductions and lease returns flooded the market, an alternate reality took shape.
"What we're seeing right now is that demand is so high, there isn't excess inventory of pre-owned cars," he says.
CR experts say that manufacturer incentives on new cars are expected to last for months, although the size of those discounts could change, too. Bottom line: Buy when the time is right for you. If it's right now, you can save a bundle on a new car. The used car market has slowed down for the time being. Either way, do your research on current pricing and deals, and be open to considering several models to increase your chance of scoring significant savings.
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July 02, 2020 at 02:00AM
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You May Want to Hold Off on Buying a Used Car - ConsumerReports.org
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