"An increase in new car sales post-recession has brought more used-car inventory into the market," says Ricky Beggs, a senior VP at research firm Black Book. As a result, the average one-to five-year-old auto today sells for 13% less than last year.
"While prices have indeed started to come down, they are still noticeably higher than where they were prior to the recession," Beggs notes.
The best deals: luxury SUVs and full-size cars, which had bigger than average drops, probably due to gas-price worries.
Best used SUV deal
Five-year-old Land Rover Range Rover Sport
Cost now: $38,800
Cost last year: $46,700
Best used full-size deal
Five-year-old Toyota Avalon
Cost now: $15,550
Cost last year: $18,250
Money magazine's Best Deals on Everything: Your guide to the latest vacation bargains in Mexico, Greece and Disney World. Plus, how to get cheap airfare.