All used cars depreciate, but these days performance cars are depreciating at a slower rate than other types are. The reason: cheap gas.
According to Kelly Blue Book, overall, auction values for used 1- to 3-year-old vehicles declined 1.3 percent, or roughly $235, in the first quarter of 2016.
KBB said that an abundance of volume in used car auctions is putting downward pressure on used vehicle prices.
One notable trend this year is that buyers are not as concerned with fuel efficiency as when choosing a vehicle as they used to be.
The reason? Fuel prices that averaged at $2.03 per gallon at the start of the year, falling 31 cents in mid-February, then rebounding to $2.08 per gallon in April.
KBB analyst Sean Foyil said that these low fuel prices are tempting consumers into performance and sports cars.
Moral of the story: if you’re looking for a deal on a used vehicle, you’ll find them on late model economy cars, family sedans, minivans and other practical vehicles.
You won’t find as many deals on large SUVs and pickup trucks, and you’ll really struggle to find deals on performance cars.
However, it is a good time to shop for a used vehicle.