Demand For Pre-Owned Vehicles is Slowing
During and after the pandemic, the used-car market hit record high prices—the average cost was $31,095 in April 2022—as broken supply chains and chip shortages reduced inventory of new cars. The value of used cars has since fallen by 15% and is predicted to dip another 4% in 2023. While sales of used cars may slow due to lower trade-in values and rising interest rates, experts doubt a return to 2019 price levels. Read more.