From a peak of $31,400 in April of last year, the average price had dropped 14% to $27,125 early this month.
Fewer new-car sales mean fewer trade-ins, which mean fewer used vehicles for sale.
Once the government sent stimulus checks to most American households, demand for autos rose as many people spent their money. As they did, the supply of used vehicles fell and prices surged. By early last year, the average used-vehicle price was more than 50% above its pre-pandemic point. “I’m retired, and I can’t afford to buy a new vehicle,” she said. “There weren’t that many used vehicles, and if there were used vehicles, they were quite expensive.”
On the other hand, she says, more expensive vehicles and higher loan rates could depress buyer demand. Eventually, dealers might be forced to cut prices.Both Yurchenko of Black Book and Charlie Chesbrough, a senior economist at Cox Automotive, say they expect used-vehicle prices to rise through summer before easing slightly as part of a normal late-year depreciation cycle.
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