With used car prices jumping 50% or more over the course of the pandemic it seems the high water mark is behind us. January saw the beginning of prices returning to normal with an average 2.1% drop for the 1-3 years old range. While the numbers are small, it is a hopeful indicator that the rest of the market is on its way down the long road back to normal.
Prices are expected to remain elevated for the rest of the year due to existing demand and the ongoing chip shortage that has stifled supply. But with reports of chip production on the mend, this small drop may become a snowball.
Telling it like it is - Good thing major news outlets now know the same thing all used car managers have known since…