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These used cars are 26% cheaper right now

cheaper used cars
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Mike Timmermann |
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Small cars are dropping in value faster than any other type of vehicle, according to Black Book data. And that means it could be a great time to buy one!

Need a cheap car? These vehicles are a great deal!

Read more: 10 cars you’ll most regret buying

In May, the average price of a used subcompact car for model years 2010 through 2014 was $6,683, a 26% decrease from one year ago.

That’s the biggest one-year drop of any vehicle segment in the past decade except for 2008, USA Today reported.

Popular subcompact models include the Honda Fit, Hyundai Accent, Toyota Yaris, Kia Soul, Ford Fiesta, Chevrolet Sonic and Nissan Versa.

More recent Black Book data from July shows the trend continuing. These vehicles have depreciated nearly 3% in just the last four weeks.

Why the sharp drop? This has to do with supply and demand.

With gas selling for below $2 a gallon in some states, car buyers seem to be more willing to buy larger cars and SUVs, which get lower gas mileage.

More cars on the market means more deals

At the same time, there are so many new and used subcompacts on the market.

According to Automotive News, there’s a flood of used subcompact cars currently for sale that were previously leased during the recession.

And don’t expect a turnaround soon. Small cars could keep losing value for several years.

If you’re trying to unload a subcompact car, this obviously isn’t good news. But it could be a great buying opportunity if you want a cheap, fuel-efficient car.

Of the subcompacts, Consumer Reports recommends the Honda Fit.

Read more: Most and least expensive cars to maintain