All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
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Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
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An iseecars.com study finds electric car prices saw an increase of 54% in July from the same month last year while gas-powered cars were up just 10%.
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Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
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ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
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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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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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