Current Trends in the Used Vehicle Market

• Used car prices are not expected to drop significantly anytime soon.
• Auction prices are holding steady, with some auctions seeing a slight increase.
• There's still a shortage of quality, low-mileage, late-model used vehicles.

Electric Vehicles (EVs) as an Exception

• Used EV prices are falling sharply.
• There's an increase in the supply of used EVs as demand drops.
• In contrast, gasoline vehicles are in short supply and remain in high demand.

Impact of the Recent Auto Industry Strike

• The recent strike has pressured new car manufacturing, affecting used car prices.

Lingering Effects from the COVID-19 Pandemic

• The used car market is still recovering from the production slowdown caused by the COVID-19 pandemic.
• Limited car production during 2020-2022 has led to fewer used vehicles available for purchase.
• Some used cars now have higher mileage due to longer ownership periods.

Looking for a Deal?

• If you're looking for a deal, used EVs might be the best option right now.
• For other used vehicles, expect prices to remain higher than anticipated.

What Are You Seeing in Your Area?

• We'd love to hear your observations on used car prices in your neck of the woods.