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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. That dropped to 11.6 million in 2020 ...
In addition, the used vehicle market showed a 46% decline in cars priced under $10,000 — and those cars had, on average, 10.4% more miles on them. The Bottom Line
“These trends in the used market are a direct reflection of dynamics in the new-car market as inventory levels normalize,” auto research firm Edmunds said in its Q2 vehicle prices report. “A ...
The drop in used car prices is also good news for the U.S. Federal Reserve, which has been steadily raising interest rates in hopes of slowly curbing inflation without sending the U.S. spiraling ...
The used car market saw even more moderation, with prices down 0.5% for June, and dropping 5.2% year over year. Both of those figures for the used car market fell considerably compared to the ...
The paper's findings have since been applied to many other types of markets. However, Akerlof's research focused solely on the market for used cars. Akerlof's paper uses the market for used cars as an example of the problem of quality uncertainty. It concludes that owners of high-quality used cars will not place their cars on the used car market.
While CarMax is seen as the nation's largest used-car retailer, it has competition. With a significant shift in customer shopping habits, more online-only companies have worked to capture Carmax's share in the used vehicle market. CarMax unveiled an Omni-channel platform to allow customers to buy a car online, in-store, or any combination of these.
BMW i3. Average 3-year-old used car price: $27,748. Price drop from 2022: -18.1 percent. The BMW i3 gives the market a good idea of what to expect from aging EVs with regards to pricing.