Reported about 2 months ago
In July, used car prices experienced a notable decline of 2.3% month-over-month and a significant 10.9% year-over-year, reflecting a reduction of nearly 20% since the pandemic peaks in February 2022. The automotive market is returning to normal as inventories build up, leading to lower prices for both new and used vehicles. While this decline benefits consumers, it poses challenges for dealers, although some signs of stable demand in the used car sector remain.
Source: YAHOO