... [+]As 2023 dawned it seemed the used-vehicle market was finally settling back down to some degree of normalcy after a pandemic’s worth of events fell into place like the components in a Rube Goldberg invention to drive up prices precipitously. Used-car prices that climbed by a whopping 45% from June 2020 to June 2021 fell by 8.8% over the 12-month period ending this past December, which seemed like good news for shoppers.
Unfortunately, experts caution that the roller coaster ride is expected to continue with regard to pre-owned vehicle prices. The just-released Manheim Used Vehicle Index suggests that prices of pre-owned models should again be trending upward in the months ahead. That’s because wholesale prices have jumped by 8.6% in the first quarter of 2023. As a result, Cox Automotive has revised its 2023 forecast for the used-car market as showing a 1.
If you’re thinking of jumping back into the used car market, now seems likely to be the best time to do so, before prices begin to spike once again. On the other hand, if you’re looking to sell or trade in an existing vehicle sitting on the sidelines until higher used-vehicle values kick in can work in your favor.
Beware, however, that the most in-demand cars, trucks, and SUVs can still command more money as pre-owned models than their current sticker prices as brand new models., which compiled a list “lightly used” one-year-old cars, trucks, and SUVs that sell for more than their brand-new equivalents’ MSRPs, based on asking prices of 8.
Needless top say, the situation can be attributed to the law of supply and demand. Shoppers looking for the most-popular models like the Maverick are still finding bare cupboards at new-vehicle dealerships. That, in turn, sends them over to the used vehicle market, where its own supply issues have driven prices of the highest-demand models to record highs. Not surprisingly, given high gas prices, many are higher-mileage hybrid-powered models, with five out of the top 10 coming from Toyota.
Car Car Latest News, Car Car Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FOX4 - 🏆 289. / 63 Read more »