When will used car prices start to fall?
Using data and analysis from consulting firm KPMG, it’s predicted that average used car prices will fall about 20-30% in a return to a normal relationship to new car prices. Of course, this is contingent on vehicle supply, of which KPMG believes will reach equilibrium around October 2022 and into 2023.
Are used cars still overpriced?
Thanks to record shortages of new vehicles, many used cars are selling for more money than their exact new car counterparts. The average used car is now nearly 30 percent more expensive than it was last year right before the lockdowns.
Are car prices going up or down?
“Prices will be going down, but they’re not going to get to 2019 levels,” Paris said. Pat Ryan, founder and CEO of CoPilot, a car buying app, said that used car prices are already showing signs of decline. “There is no longer the same upward pressure on prices,” he said.
Are used car prices decreasing?
With used car prices increasing at rapid rates, it’s never been more important to track the value of your car. So far in 2022, used car prices have fallen. However that trend is coming to an end. As of May 2022, used car prices have begun appreciating again. During the first quarter of 2022 used car prices dropped nearly 5% on the wholesale markets.