Used car prices have been incredibly high this year, hitting record levels for some models. Fortunately for those seeking a secondhand vehicle, the National Automobile Dealers Association (NADA) predicts July will bring some relief to skyrocketing values.
The association believes used car prices will decrease by 3 percent in July, making it slightly easier on those looking to buy a car. Of course, those planning to trade in their current vehicle should consider this prediction as well, as a dip in used car prices means their trade-in will be valued less by dealers.
NADA analyst Jonathan Banks says drivers should keep in mind that used car values are still high compared to other years.
"It's important to note that used-car prices will remain at historically high levels through the end of the year, despite the expected seasonal softening," said Banks.
Those planning to trade in their vehicle should take advantage of the current high used car prices. It may be worth it to invest in vehicle maintenance before selling the car, however. Taking care of an auto repair can increase the value of the vehicle and may ultimately pay for itself.