Used car price are projected to drop by several hundred dollars this year.
If you're going to buy a car this year, consider heading to a used car lot.
Used car prices are expected to fall by several hundred dollars this year from 2012's average sales price of $16,000, said Richard Arca, a senior analyst at Edmunds.com.
Part of that decline will be due to a spike in lease terminations, which is expected to add extra inventory to the used car market and push prices lower, Arca said. Edmunds.com projects that there will be an additional 500,000 leases expiring this year.