Colorado Ranks 4th in U.S. For Used Car Sale Price Decline
If you want to buy a used car in Colorado, your moment is coming, but the timing isn't ripe just yet.
Experts from Kelley Blue Book suggest that because car dealers have largely avoided purchasing new inventory in recent weeks, they aren’t in a rush to cut prices as a way to move their existing inventory.
However, an analysis from Max Digital predicts that a combination of record supply, damaged consumer confidence, and new car incentives will ultimately create a 'perfect storm' to cause auto retail prices to drop sharply in the coming weeks.
To prepare for that storm, researchers from CoPilot determined which states currently have the fastest decline in used car prices.
Their analysis found that Colorado's used car prices dropped an average of 4.33% since January, compared to a drop of 3.60% nationally. This means that out of all states, Colorado's used car prices have dropped 4th most during the pandemic in the U.S.
Even more startling is that Colorado's used Subaru Outback sales are down 9.8% since January. The Subaru Outback currently has the biggest automobile decline in Colorado. This came as a surprise to me because Coloradans really love their Subarus. I can attest to that, because heck, my husband and I both have one.