👇👇☝️Used car prices are back up from a drop late in 2022.
🔭🗓️⏰Cox Automotive estimates total used car sales will not reach pre-pandemic levels until 2026.
📈🚗📉Through mid-March, prices of used cars at auction increased by 8.8%. Used inventory levels are down 21% from a year ago and 26% from 2019.
🏷️🚙💰Another interesting datum is a 20% jump in leaseholders deciding to buy their vehicle at the end of their lease period. From 2019-2022, the residual value of vehicles compared to increasing prices and interest rates made buying the vehicles significantly cheaper than leasing a new one.
🙋♀️❓🤨In December 2022, Cox forecasted used car prices ending 2023 4.3% lower than 2022 and has not adjusted that forecast. Yet.