Automotive
Cox Sees Used Car Prices Declining Further
Great news for hesitant buyers and the dealers they buy from, but a potential threat to profits since many of these cars are losing value in the dealer's inventory. It is always time to take care of that used car day supply, but it seems like now it is time to take care of that used car day supply.
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🚗🚙 Measured from December to December, used car prices dropped 14.9% in 2022.
🚕🚓 Cox Automotive expects prices to continue down (another 4.3% by year-end) amid rising interest rates and improved new inventory levels.
🏎️🛻 However, the drops are not enough to offset the 88% rise in index pricing between April 2020 and January 2022.
