In April, Bloomberg reported that a used car price collapse was imminent as a result of factory shutdowns and decreased new-vehicle demand. Additionally, as rental car companies like Hertz, Avis and Enterprise were looking to sell-off their fleets after being hit by hard financial times, an influx of used cars on the market could drive prices down even further.
Did Bloomberg’s predictions come to fruition? And even if prices are low, is it safe to buy a used car in the middle of the pandemic? GOBankingRates spoke to car experts to find out.
Since May, Used Car Prices Have Been on the Rise
Bloomberg’s predictions did prove to be right — but you likely missed the boat on the best used car prices. If you snagged a used car back in April or May, you could have gotten a good deal. But prices have gone up since then, said Joe