For those who’ve held off on purchasing a used vehicle over the last two years while watching prices soar to astronomical levels, we have some promising news: 2023 could be the year of the “deal.”
Auction giant Manheim found that wholesale used-vehicle prices in the first 15 days of October recorded the most significant year-over-year decline of 10.4% since January 2009.
“Used car prices are now down 10% over the past year, the largest YoY decline on record with data going back to 2009. This was a leading indicator of higher inflation rates in 2020 and the recent downturn is likely a leading indicator of lower inflation rates to come,” Compound Capital Advisors Charlie Bilello tweeted.
The Manheim Used Vehicle Value Index peaked in January 2022 and continues to slide through the fall, now down more than 15% from the high.
All six types of vehicles experienced year-over-year declines. Luxury cars and SUVs saw the most significant price drops in the first 15 days of this month.
Probably flood vehicles from Florida.
Yep
heck new cars dealers are adding 3000 to 6000 to the bottom line of a new car