![]() That will restrict the number of vehicles entering the used car market for years, keeping prices high. Manufacturers built fewer cars during the height of the COVID-19 pandemic. However, the picture remains unusually bleak for used car shoppers in the long run. Home Personal Finance Kelley Blue Book Kelley Blue Book At last, some good news about used car prices Published: Jat 5:03 a.m. Longer term, prices likely to remain high The remaining segments lost between 9.6% and 12.5%, with sports cars losing the most.Īlso see: What do car dealers have to be worried about? Plenty, survey says. Pickups and vans, at 6.2% and 7.8%, respectively, lost less than the overall industry in seasonally adjusted year-over-year changes. The changes are more significant for some types of cars than others. And if I am selling my car, is it best to look up the value on my car, and price it according to the price guide without doing any further research Is Kelly. So the numbers likely mean retail prices will drop significantly later this summer.Ĭheck out: 10 good used cars models you can get for under $20KĮarly June typically sees a slight price drop, but this year’s decrease has been more dramatic. The index is a product of Kelley Blue Book parent company Cox Automotive.Ī decrease in wholesale prices usually means a reduction in retail prices about six to eight weeks later. ![]() According to the Manheim Used Vehicle Value Index, wholesale auction prices in the first 15 days of June were down 9.4% from one year ago. Wholesale costs down almost 10% year-over-yearīut car dealers are paying significantly less at auction for the used cars they sell later. ![]()
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