If you’re looking to save money on a vehicle, a smart way to go about it is to look for cars that have depreciated in value for one reason or another.
Car research site iSeeCars.com recently revealed its list of vehicles with the biggest price decreases from July to August 2020.
5 Cars With the Biggest Drops in Price
Although there was a trend of car prices increasing from July to August, some vehicles actually got cheaper.
Among the top three vehicles with the biggest price drops were two Chevrolet subcompact cars: the Sonic and Spark.
“These vehicles target bargain-conscious consumers as two of the lowest-priced vehicles available,” iSeeCars CEO Phong Ly said in a news release.
Let’s look at the used cars that dropped in price the most according to the report.
These Used Vehicles Had the Biggest Price Decreases
|Used Vehicle||Average Used Car Price||Price Difference From July 2020 (In Dollars)||Price Difference From July 2020 (in %)|
|GMC Yukon XL||$42,317||-$811||-1.9%|
|Ford Fusion Energi||$16,844||-$313||-1.8%|
Money expert Clark Howard doesn’t want you to be guided strictly by price when it comes to buying a vehicle.
He says, because the pandemic has caused uncertain economic times, you need to make sure of two things before you purchase any car:
- That you need a car and were already planning on buying one
- That your financial situation is stable enough to afford a car for the life of the loan period
“Even with [the great deals], buying a vehicle is a major decision,” Clark says. “It is the second-biggest expense most of us have.”
Looking for a used car to fit your budget? Here are seven steps you need to follow.