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When Will the Used Car Market Bounce Back? The Jerry study found that the used car market will not return to pre-pandemic levels anytime soon. In 2019, there were 13.1 million used cars on the market.
Used car prices fell 2.3% over the prior month in July and 10.9% from the prior year, data from the BLS revealed on Wednesday. New car prices fell 0.2% in July and 1.4% from the prior year.
A few months ago, the chances of buying a used car were slim unless you were prepared to pay grossly inflated prices. Ongoing supply chain disruptions that arose during the pandemic were ...
Used car prices rose more than 40% annually in both June and July 2021, and again in January and February 2022. Prices for used cars and trucks are still 16.1% higher than in July 2019.
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Meanwhile, the overall used car market is stabilizing according to iSeeCars.com, with overall prices down 3.6% year over year in June, following price drops of 2.9% in May and 3.6 % in April.
With the price of food continuing to rise, at least consumers are seeing relief in one spending category: The price of used cars is dropping in line with rising interest rates and decreased ...
The volatility in the used car market rolled on in 2022, but there might be some relief for car buyers coming this year. ... Used car prices post biggest drop ever as new luxury car sales boom ...