Used car prices are dropping nationwide, including at Keyes Lexus, making this a great time to find your next new-to-you car. With a surplus of EVs on the market and a cut in interest rates, the market is better for buyers than ever.
Market Trends
For the last few years, the cost of pre-owned cars has been unusually high, thanks to high interest rates, nationwide car shortages, and the fluctuations of the new car market. As more pre-owned vehicles are on the market now and interest rates were cut in September, the price of pre-owned cars has dropped across the country.
A Glut of EVs
Car manufacturers have been investing heavily in their EV lineups, but customers have been slower to switch to electric power. As a result, there are more pre-owned EVs on dealership lots than expected, especially vehicles leased or used by rental companies. That means this is a great time if you’re looking to switch to an electric powertrain.
Trade-In Values Are Dropping
It’s important to remember that when supply rises, and the price of pre-owned cars drops, trade-ins also have less value. If you are trading in your vehicle as part of the sale, you may need to prepare for a slightly higher down payment than you would have just a few months ago. Our online Value Your Trade tool can let you know how much your trade-in is worth, giving you an exact picture of what to expect.
Find Your Next Pre-Owned Car at Keyes Lexus
Pre-owned car prices are dropping nationwide, making this a great time to find your next exciting drive. Visit us at Keyes Lexus, your Van Nuys Lexus dealership, and take one for a test drive, then talk to our team about Lexus financing today!
