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Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
Read More →The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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Recurrent CEO Scott Case details the progress in accurately assessing the quality and value of a battery to determine the resale value of a used electric vehicle in in this episode of The Off-Peak.
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Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
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For the first time, used EV prices are exceeding the consumer price index for all used cars spurring sales and resales, according to the Q3 2022 Used Electric Car Market Report.
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While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
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The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
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Compared to last month, wholesale used vehicle prices are down 1.3%, but year over year, prices are up 10.7%.
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The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
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May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
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An iSeeCars study found that purple- and red-colored cars hold their value the best in the sedan segment. But would you acquire them for fleet?
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All major market segments saw seasonally adjusted prices that were higher year over year in May, except for pickups.
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