Webedmunds analysts uncovered the key new trends shaping the used market in their q3 used vehicle report, including:
The expected, substantial pricing gap.
Webdepending on who you ask (cox automotive, edmunds, cargurus, or black book), retail used car prices increased anywhere from 32% to 36% in 2021.
Webthe biggest question right now is:
When will interest rates come down, making used cars seem more attractive to value shoppers?
Many experts predict that.
Webedmunds found the average transaction price for a used vehicle was $28,935 in the third quarter.
While that’s still way above the average of $20,085 from.
Webused ev values have undergone a major course correction, falling 20. 5% year over year from q2 of 2023 and 38. 5% from q2 2022.
The average age for a used ev is 2. 7 years, trending younger than.
Webedmunds says a growing number of drivers who bought cars when prices were high with loans are now finding themselves in negative equity.
Those most at risk.
Webedmunds analysts uncovered the key new trends shaping the used market in their q3 used vehicle report, including:
The expected, substantial pricing gap between brand.
Used car prices are softening but remain historically high.
The average used vehicle transaction price in q1 2023 dipped 6. 4% year over year but is up 44% from five.