What Do Falling Used Car Prices Actually Mean for You"
After more than a year of sharp, steady increases, used car prices started falling in the late summer of 2022. The drop in prices has already had wide-reaching effects around the auto industry, but a difficult supply chain situation and higher interest rates makes it hard to predict what that drop could mean for the average car buyer.
Used Car Prices are Falling Fast ? At the Wholesale Level
Rapidly falling used car prices may be the headline, but the reported drop is based mainly on the wholesale prices of used vehicles.
According to the Manheim Used Vehicle Index ? a proprietary metric that accounts for average pricing of vehicles, taking into account differences in make, model, body type, model year, and mileage ? the wholesale price of used cars reached its peak at the end of 2021. The index fell slightly during the first quarter of 2022 before leveling out for a few months.
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