Wholesale used car prices take a dip

While the sticker price for a new car is up more than 10%, the cost of a used car is stabilizing.
2:10 | 09/24/22

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Transcript for Wholesale used car prices take a dip
>>> BACK NOW WITH GOOD NEWS IF YOU'RE LOOKING TO BUY A CAR. WHILE THE STICKER PRICE FOR A NEW ONE IS UP 10%, THE COST OF A USED CAR IS STABILIZING. DEIDRE BOLTON IS HERE WITH THE STORY. THIS MORNING, A BRIGHT SPOT FOR PERSPECTIVE USED CAR BUYERS AFTER MONTHS OF SKYROCKETING PRICES. ACCORDING TO KELLY BLUE BOOK THE CHIP SHORTAGE THAT CAUSED THE CAR SHORTAGE IS FINALLY STARTING TO LEVEL OUT. >> I'VE BEEN LOOKING FOR THE PAST THREE MONTHS OR SO. >> Reporter: WHILE THE PRICE OF USED CARS AND TRUCKS IS STILL UP NEARLY 8% SINCE THIS TIME LAST YEAR AND MORE THAN 40% HIGHER THAN ONE YEAR AGO, EXPERTS SAY NOW THERE'S WIGGLE ROOM. >> THE PRICES OF USED CARS HAS COME DOWN A LITTLE BIT IN RECENT MONTHS VERSUS NEW CARS WHICH HAVE GONE UP. AND ONE OF THE REASONS FOR THAT IS THAT THERE JUST ARE MORE USED CARS AVAILABLE. >> Reporter: AND THE USED CAR MARKET SHOWS SIGNS OF STABILIZING, WITH IT NEW ROOM TO NEGOTIATE. >> WHOLESALE USED CAR PRICES HAVE DECLINED A LOT AND BY A LOT I MEAN DOUBLE DIGITS IN THE PAST THREE MONTHS, ULTIMATELY THAT LED TO AN INCREDIBLE OPPORTUNITY FOR RETAIL CUSTOMERS, YOU AND ME TO GO NEGOTIATE CAR DEALS. >> Reporter: TIPS FROM THE PROS? >> LOOKING FOR SOMETHING LIKE A FULL-SIZE PICKUP OR AN SUV OR EVEN A MINIVAN, THOSE ARE IN HIGH DEMAND SO IF YOU WANT THE BEST DEAL AND YOU'RE LOOKING FOR THE ABSOLUTE ROCK BOTTOM DOLLAR LOWEST PRICE YOU CAN GET, LOOK FOR SOMETHING LIKE A HATCHBACK OR MAYBE EVEN A SEDAN. >> Reporter: IN ADDITION TO BEING STRATEGIC ABOUT THE TYPE OF CAR TO BUY, THERE'S ALSO THE QUESTION OF HOW TO HANDLE THE PURCHASE WITH RISING INTEREST RATES. >> RIGHT NOW, CREDIT IS HARDER TO GET AND INTEREST RATES ARE HIGHER. SO FOR ANYONE WHO IS CONSIDERING DOING THAT, KNOW YOUR CREDIT SCORE BEFORE YOU START SHOPPING. >> Reporter: TO BE SURE, EXPERTS SAY IT IS BEST TO WAIT TO BUY A USED CAR IF YOU CAN BECAUSE PRICES ARE LIKELY TO KEEP GOING LOWER. BUT EVEN WITH WINTER, BELIEVE IT OR NOT THE COLDER TEMPERATURES OFTEN MEANS LESS COMPETITION ON THE LOT, SO FOR PEOPLE WHO REALLY NEED ONE IF THEY CAN JUST WAIT TWO OR THREE MONTHS, GET OUT WITH A BIG

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