If you’re in the market for a used car, now might be the time to buy as the Associated Press is reporting the used car market has been flooded with low-mileage, off-lease vehicles.
In particular, the AP notes Infiniti leased more than 28,000 Q50s in 2014, and those leases made up more than 75% of the model’s sales that year. Those cars are now coming off-lease and making used Q50s a bit of a bargain.
Infiniti isn’t the only company facing a glut of used cars, as approximately 3.5 million vehicles are expected to come off-lease this year alone. This follows the nearly three million lease vehicles which were returned last year.
The increase in used cars is expected to cause ripples through the market as automakers are starting to cut back on lease deals in an effort to control supply. While this is bad for buyers looking to lease, there’s an assortment of low mileage used vehicles at affordable prices. Even buyers looking to purchase something new could benefit as experts expect competition from used cars will cause new car prices to fall.
Changing consumer preferences have also affected the used car market as buyers are favoring trucks and crossovers instead of sedans. This has driven down prices of used cars, while increasing prices of used trucks and crossovers. However, crossovers are being leased in large numbers, so used prices are expected to fall in two to three years.
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