Used car prices begin to drop, expected to continue to decrease
PHILADELPHIA (CBS) -- Good news if you're looking to buy a used car. Prices are finally falling.
CBS3 spoke with some experts to find out what's driving down those costs.
Prices for used vehicles are finally starting to decline down almost half a % from July to August.
"What people wanna feel is they're not overpaying for something that is a necessity," Teddy Morse said.
Teddy is the CEO of the Ed Morse Automotive Group. He says he expects used car prices will continue to drop and that's good for the dealership and the customer.
"When we can buy vehicles cheaper, it means the customer is gonna be able to purchase them cheaper," Teddy said.
Inventory is sticking around longer, too, as rising interest rates cause some consumers to pump the brakes.
Data from the Bureau of Labor Statistics show new vehicle prices were up 10.1% in August over last year.
WATCH THE VIDEO ABOVE FOR THE FULL STORY.