![]() 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. Longer term, prices likely to remain high We Deliver Your Valuation In less than 3 business days, you will receive a custom valuation report via email. 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. A Hemmings research specialist will review the information you provided and conduct a detailed valuation of your vehicle. 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. Get a Value Resources for Dealers We represent more than 16,000 new-car dealers and advocate on their behalf before all branches of the federal government, manufacturers, the media and the public. 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. Research new and used car book values, trade-in values, ratings, specs and photos. 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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