LOUISVILLE, Ky. (WDRB) -- After 3 years of soaring used car prices, buyers are finally getting some good news this spring and summer.  How much of a drop might you see?

With prices up on almost everything in the past four years, it is good to hear that used car prices are finally falling.

One woman was trying to buy her 16-year-old daughter an affordable first car, and she couldn't believe how expensive used cars had become since the pandemic.

"A 2018 Honda, for $25,000!"

Think about it, new car lots were empty two years ago. And at used car lots, prices were as high as they have ever been.

There was virtually no negotiating or interaction, but now things have changed.

One car dealer said the cars he is buying at auto auctions are cheaper than they were six months ago, for the same vehicle.

The main reason: New car lots are overflowing for the first time in 4 years.

The latest consumer price index found that used car prices are down almost 7% from spring of 2023, and down 16% from their peak.

If you're looking for a deal, these brands below will have the biggest drop this year:

  • Tesla
  • Alfa Romero
  • Lincoln
  • Volvo
  • Ram
  • Kia
  • Volkswagen

The only bad news is the miles are a lot higher than they used to be.

Used cars tend to have higher mileage these days, as people are tending to keep them for longer.

So if you are hoping to trade in your current car, you may not get as much for it as you would have a few months ago.

To read more Don't Waste Your Money stories, click here. 

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