It's no secret that the end of the year is one of the best times to buy used cars, and that is especially true this year. The prices have dropped significantly over the last four months or so, and many industry experts are urging consumers to take action. Most cars have experienced the reduction in price, and CarGurus.com recently unveiled its list of models that will see the biggest drop.

Among the cars that will have the largest reduction in price s the 2007 Toyota Prius, which has dropped about 16 percent over the last three months. The average price of the model was nearly $18,000 in early September. Today, it costs around $15,200.

Just below the 2007 Prius is the 2007 Hyundai Accent. Though it is a little less of a decline in price (13 percent), it still comes in at an especially affordable  – just over $8,600. The 2006 Toyota Corrola also made the list dropping 10 percent from September to December.

The affordability is not limited to just small cars, either. If you're looking for an SUV, you may want to check out the the 2008 Dodge Grand Caravan or the 2008 Ford Escape Hybrid, both of which fell 10 percent.

"The key for year-end shoppers is to do ample online price research so they can move quickly when they find a great deal,' Langley Steinert, founder and CEO of CarGurus. "We expect many of these great savings opportunities we have identified to be gone by early next year, when prices will climb back up."

While the end of the year is one of the best times to buy a used car, at New Jersey State Auto Auction, prices are affordable year round. Furthermore, every model is Carfax certified so you know you're getting a reliable vehicle.