Used-car prices increased by 4.4% from March to April, but fell 6.6% in the 12 months to April 2023. Used-car prices increased by 4.4% from March to April, but fell 6.6% in the 12 months to April 2023.
“We think used retail prices have already peaked,” said Jonathan Smoke, chief economist at Cox Automotive. It’s an uneven story depending on car models, he said. If used-car prices do rise as the spring buying season starts, that’s obviously a worry for would-be buyers waiting on the sidelines, waiting for their chance to drive a car off the lot.
New-car prices may also have peaked The cost of a shiny new car is out of reach for many Americans. Last month, people paid an average of $48,275 for a new car, up $1,700 on the year, according to Kelley Blue Book data.