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Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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SEARCHMENUSEARCHThe higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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The annual event takes place as the vehicle market and wider economy get more complicated and more industry members are eager to gather after a long pandemic pause.
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Auctions received vehicles from a more diverse stream of sources in the last quarter as data could be signaling some inflection points in the market.
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Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market while higher gas and vehicle prices are decreasing affordability.
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ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
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The Viper stopped at 34 dealerships across the country on the road to being auctioned off to benefit Girls Inc., Toys for Tots and Boys & Girls Clubs of America
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The pace of change in the used car market only seems to accelerate. How can fleets adjust?
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Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
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For the first time, used EV prices are exceeding the consumer price index for all used cars spurring sales and resales, according to the Q3 2022 Used Electric Car Market Report.
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While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
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The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
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