Used-car prices expected to drop in July

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Moderate seasonal demand will drive down the price of used cars about 3 percent this summer, according to the McLean-based National Automobile Dealers Association (NADA).

NADA predicts that prices of all used vehicles will drop 3 percent in July when compared with June. The NADA monthly report on used car and truck prices, Guidelines, says the prices of compact and mid-size used cars will drop from 3.5 percent to 4.5 percent when compared with June. Used car prices are down 1.6 percent in June when compared with May.

In June, prices of compact and midsize used cars declined the most by 2.5 and 2.8 percent, respectively; the remaining vehicle segments dropped 0.8 to 1.4 percent in June.

Despite the drop in prices this summer, NADA’s forecasts used car prices will be up 0.7 percent from June through December.

“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,” NADA Senior Analyst Jonathan Banks said in a statement.

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