Feb. 9, 2023–The price of used cars has been lower, but is showing signs of increasing soon, Jalopnik says.
Data from Cox’s Manheim Used Vehicle Value Index has shown that used car prices are down overall, but used cars' wholesale values at auction as well as their prices on lots have risen, with data from Cox Automotive finding that “wholesale values saw an increase of 2.5 percent from December to January.”
CNBC has reported that the increase in value is likely due to “used car prices cooling, which led to buyers taking advantage of lower prices, which is now sending prices up again.”
With wholesale values increasing, so too has the retail prices, with chief executive officer of Hertz Global Holdings Inc. Stephen Scherr telling Bloomberg that there has been a “big jump in prices over the past five weeks both at auction and in used cars sold at retail.”
Though experts are expecting lower prices by the end of the year, with more consumers looking to the used car market as a result of recent low prices, an eventual increase in price as a result of the demand grows more possible.
