Used Car Prices Surge Again: What You Need to Know (EVs Excluded)
Download MP3Current Trends in the Used Vehicle Market
- Used car prices are not expected to drop significantly anytime soon.
- Auction prices are holding steady, with some auctions seeing a slight increase.
- There's still a shortage of quality, low-mileage, late-model used vehicles.
Electric Vehicles (EVs) as an Exception
- Used EV prices are falling sharply.
- There's an increase in the supply of used EVs as demand drops.
- In contrast, gasoline vehicles are in short supply and remain in high demand.
Impact of the Recent Auto Industry Strike
- The recent strike has pressured new car manufacturing, affecting used car prices.
Lingering Effects from the COVID-19 Pandemic
- The used car market is still recovering from the production slowdown caused by the COVID-19 pandemic.
- Limited car production during 2020-2022 has led to fewer used vehicles available for purchase.
- Some used cars now have higher mileage due to longer ownership periods.
Looking for a Deal?
- If you're looking for a deal, used EVs might be the best option right now.
- For other used vehicles, expect prices to remain higher than anticipated.
What Are You Seeing in Your Area?
- We'd love to hear your observations on used car prices in your neck of the woods.