Used Car Prices Finally Returning To Normal After Record Highs

Used Car Prices Finally Returning To Normal After Record Highs

All of the eight primary market segments evaluated saw seasonally adjusted prices that were lower year over year in December 2022, with vans seeing the smallest decline at 12%. This segment was followed by pickups (12.2%), sports cars (12.6%), and compact cars (13.5%).

Looking ahead, used-vehicle values will see depreciation levels that are higher than usual, just as in 2022, particularly in the first half of 2023. According to forecasts, the Manheim Used Vehicle Value Index will be down by 4.3% year over year in December 2023.

While used car prices returning to normal levels will please many shoppers, buying new is a different story – especially if you want an EV. The average transaction amount for an EV sat at around $65,000 late last year, far out of reach for many and way above the average transaction price for all EVs (under $49,000 as of November 2022).

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