It sucks to be in the market for a car these days. High MSRP and dealer mark even higher makes a lot of new cars inaccessible to a lot of buyers, including increased demand for used cars. As a result, pre-owned the price has skyrocketed also. However, for the first time in a while, we have some good news on used car prices.
CNBC report that last month marked six consecutive months of used wholesale-car prices fall. They are now 15.6% lower than they were in January 2022, the lowest point since August 2021. That data comes from Cox Automotive’s Manheim Used Vehicle Value Index, which tracks wholesale auction prices.
One reason for the constant price drop is the increasing availability of new cars. You can also get a higher interest rate credit to reduce the need for carss on the board, not to mention continue to fear about impending possibility Depression. But while dealers may pay less for used cars, that doesn’t necessarily mean customers will immediately see those savings in the price they pay.
cox . report The average list price of a used car was $27,564 in October, less than half a percentage point lower than it was in January. Between October and November, Cox said retail prices fell. one percent more. That’s better than prices that keep going up, but that’s still not good news unless you’re a used car dealer.
Presumably, the retail price will eventually drop enough to get it More in line with wholesale prices, but that will take how long remains in the air. If consumers continue to be willing to pay what dealers are charging, it could take some time.
