A couple years ago, end of year 2007, my family went looking for a used, large passenger van, to purchase. At the time, we came to the conclusion that the prices were too expensive for us. The next best alternative was to add an extra passenger bench in our older, smaller, van and sit together very tight on our road trips - so that’s what we did.

Fast forward in time to beginning of year 2009, and suddenly we were becoming aware that van prices in general had dropped considerably since the last time we actively looked.

In fact the prices dropped far enough, that we were willing and able to purchase a used, large 15 passenger van (manufactured in 2003) for $8,000. That same type of van, just a year before, would have probably sold in the $14,000 range. This would represent an overall drop of 40% in the market price for the same quality van in about one year’s time. This drop, at the larger end of the used passenger vehicles, seems to be reflected across the State of California, where I live.

Now here’s an interesting coincidence: a 40% drop is also the same plunge that the housing prices made in my area from the peak in 2005 to today’s date!