Used vehicle prices are falling but not enough to offset grossly inflated levels
-Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks, according to Cox Automotive.
-The firm expects wholesale used vehicle prices to end the year down 4.3% from December 2022.
-The decline is expected to follow a whopping 14.9% fall last year from inflated prices during the coronavirus pandemic.
-The firm expects wholesale used vehicle prices to end the year down 4.3% from December 2022.
-The decline is expected to follow a whopping 14.9% fall last year from inflated prices during the coronavirus pandemic.
Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks.
The decline is expected to follow a whopping 14.9% fall last year from inflated prices during the coronavirus pandemic, as the availability of new vehicles reached record lows due to supply chain and parts problems that interrupted vehicle production.
“We don’t expect major monthly declines to rival the increases on the slopes, though there might be some tough sledding from time to time,” Frey said, adding the company is closely watching the impact of higher interest rates on car buyers.
Retail prices for consumers traditionally follow changes in wholesale prices. That’s a win for potential car buyers, however, it’s not great for dealers that purchased vehicles at record highs and are now trying to sell them at a profit.
According to the most recent data, Cox reports the average listing price of a used vehicle was $27,156 through November, only a 2% decline from a year earlier but the lowest since last spring.
Cox estimates that used vehicle retail sales declined 7% from November to December and were down 10% from a year earlier for a second consecutive month.
Used vehicle prices are falling. If it is used as a transportation, would you buy it?
The decline is expected to follow a whopping 14.9% fall last year from inflated prices during the coronavirus pandemic, as the availability of new vehicles reached record lows due to supply chain and parts problems that interrupted vehicle production.
“We don’t expect major monthly declines to rival the increases on the slopes, though there might be some tough sledding from time to time,” Frey said, adding the company is closely watching the impact of higher interest rates on car buyers.
Retail prices for consumers traditionally follow changes in wholesale prices. That’s a win for potential car buyers, however, it’s not great for dealers that purchased vehicles at record highs and are now trying to sell them at a profit.
According to the most recent data, Cox reports the average listing price of a used vehicle was $27,156 through November, only a 2% decline from a year earlier but the lowest since last spring.
Cox estimates that used vehicle retail sales declined 7% from November to December and were down 10% from a year earlier for a second consecutive month.
Used vehicle prices are falling. If it is used as a transportation, would you buy it?
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Deep Sea : The COE prices in Singapore are very expensive. Not everybody can afford to buy new cars. Of course, at the current moment with high COE prices, it makes sense to buy used cars which are cheaper while waiting for COE prices to fall before buying new cars.
MooMamaLlama : **"Used vehicle prices are falling. If it is used as a transportation, would you buy it?"**
of course!!! and what else would it be used for besides transportation?? exceptions for classic or vintage of course, but why else buy a vehicle? especially a used vehicle... with interest and inflation rates only the few are able to go buy a new car, cash down. No point getting finance atm with rates as they are.. over long term loan at today's rates (fixed not variable) that new car will cost more than the value of the vehicle!! quite a bit more really!