Experts point to dealers hoarding used cars for when Americans receive their tax refunds, and they expect prices to resume falling slightly after this spring buying rush. The latest consumer price index report from the Bureau of Labor Statistics (opens in new tab) showed used vehicle prices were down 1.9% in the past month and down 11.6% over the past year.ĬNN (opens in new tab) reports that auto wholesaler Mannheim registered a 4% jump in its average wholesale used car price in the middle of February, which could potentially trickle down to individual car buyers.

Sub-$10K models have the lowest inventories nationwide, as compared to the highest inventories for used cars at $35,000 and above. The explanation comes down to more new cars steadily entering the market, feeding the supply of used cars, as consumers stay resilient in the face of continued inflation. This marked the fourth straight month of average price drops across the market. Kelley Blue Book (opens in new tab) (KBB) reports that the average price of used cars sold market-wide fell to $26,510 in January, down $633 from December 2022.

Used cars keep slidingĪs the new car market causes heartburn, the used car market is offering buyers some welcome relief after pandemic-related price surges. Buyers looking for the fabled 'affordable' car may have to shop exclusively in the used car market soon.

Consumer reports cars