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Dealers, auto repair shops and other sellers of used cars are increasingly looking to save on their prices, according to data from Kelley Blue Book and The Motley Fool.
The data shows that prices have dropped in every region of the country since January.
The numbers are troubling for auto dealerships, which have historically enjoyed high profit margins but are struggling to maintain that as their inventory has dwindled due to lower auto demand.
This month, the average price for used vehicles dropped 3.9% in a month-over-month basis to $15,837.
The average price of used vehicles is $16,624.
The median price is $15 in the South.
The data also suggests that the auto industry is struggling to meet demand, as many of the major automakers are struggling with a drop in new vehicle sales as a result of the economy.
The National Association of Realtors said in a report last month that more than a quarter of the nation’s used car sales were down.
Kelley Blue Book data show that the median price of a new vehicle fell 5.9%, from $24,900 to $22,788.
In contrast, the median value of a used vehicle dropped 8.9%.
The decline in prices was mostly attributed to lower demand for new vehicles, with only 10% of buyers going back to buy new cars, according the data.
However, the demand for used cars has remained relatively strong, according Kelley Blue.
Kelsy Blue Book, a research and consulting firm that tracks car sales, said that as many as 8.7 million vehicles were sold in the U.S. in 2016, up from 7.7.
The most recent report showed that the market is forecast to grow to 10.4 million vehicles by 2025.
Auto parts prices have also been trending down since January, the data shows.
For example, the price of auto-firing parts, which includes tools and tools kits, fell 5% in the past month to $8,957.
In comparison, the cost of auto parts was $9,200 in 2016.
In 2018, used car prices have fallen 12% in one year.