Between June and November of 2008, while the nation plunged into economic turmoil, car leasing dropped off by 58% as people looked to save money wherever possible. Fast forward to the present day where, because of that drop-off in leased vehicles, the supply of late-model vehicles coming up for resale will soon be shrinking.
Without all those cars, truck and SUVs coming off 36-month leases, industry experts predict that the already rising price for a late-model used car will continue to go up.
“The demand will be building as the supply will continue to dwindle,” the executive editor at Intellichoice tells the Chicago Tribune. “You’ll be surprised how close the used cars are going to get to new car prices.”
On the up side, for those currently leasing a car, there might be an opportunity to get out of that agreement early as dealers look to replenish their supply of used vehicles.
Used car prices to rise [Chicago Tribune]