Why Used Car Prices Are Rising After Months of Declines

Why Used Car Prices Are Rising After Months of Declines


Car buyers got a rude surprise on used car prices yesterday. April’s Consumer Price Index report (opens in new tab) revealed that used vehicles are getting more expensive again after an uninterrupted decline since July 2022. Here’s what happened, and what buyers can expect next.

The used car price rollercoaster

In June 2021, used cars had risen so far that they accounted for a full third of the year-on-year inflation rate, according to Quartz (opens in new tab). At that point, pandemic-related supply disruptions and a misreading of customer demand meant manufacturers struggled to procure parts and chips for new cars. This trickled down into a lack of supply and soaring prices in the used car market. 





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