SAN DIEGO (KGTV) - It’s a great time to buy a used car.
“These deals are once in a lifetime,” said Ivan Drury, a used car expert with Edmunds.
Amid the uncertainty caused by the coronavirus pandemic, used car prices have been decreasing.
According to Bloomberg News, the average price of a used car fell 11.4% from March to April.
Drury predicts those prices could continue to fall, as desperate rental car companies start to offload unused inventory.
Hertz, which filed for bankruptcy on Friday, has a fleet of about 500,000 vehicles. It’s unclear what their plan is for them, but Drury suspects they will only keep enough to maintain a basic level of service.
“That influx of used vehicles will have a dramatic impact on price,” he said.
Adding to the supply of used cars, Drury predicts that some drivers who have leased cars will hold on to them for a few more months rather than trade them in. But in several months to a year, he expects that could lead to another flood of used vehicles.
“You kind of have a perfect storm for used car values to drop even further,” said Drury.
