Used prices to rise again?

^ which is weird because this came out too:


Trade-in values hit a high of $25,556 in June 2022, according to Edmunds. Meanwhile, the average transaction price for a used vehicle peaked at $31,300 in April 2022, J.D. Power said.

"All consumers have been hearing for the last couple years is, the value of their used cars are so high, you can get a lot of money for used cars," George Chamoun, CEO of ACV, a digital auto marketplace, told Insider. But, "These used car values have been dropping over the last year. As the consumer goes into the dealership, it's not going to be as high as it was last year at this time.

"Many of these vehicles have dropped anywhere from 15 to 30% less year over year."

It's true: In January, trade-in values stood at $21,984 (down 14% from the peak), per Edmunds.

Meanwhile, the average used vehicle transaction price was $29,226 in February (down 6.6% from the high), per J.D. Power.
 
^ which is weird because this came out too:

The Insider article is behind the curve, quoting January prices. It's either pure journo incompetence or intentional bias.

The zerohedge article quotes the latest February data from Mannheim.
 
in January I had run one of my cars on Carvana's site and was quoted what I'd call a low offer (CarMax was $2K higher)...today, I received an email from Carvana showing that my car's value had increased and is now worth $2065 more than in January...

I'm not selling my car right now having done some expensive work to it in the last two months but Carvanna's offer might indicate that used car prices may be rising a bit again...

for grins I just checked CarMax and was offered only $600 more than January for the same car with just a bit more miles on the odometer...

I wonder if the recent reports of new car loan defaults might be the reason for used car prices rising as I'd bet those people defaulting on their new car loans still need a car to get around...

Bill
 
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