The used car market is in a curious state as prices have continued to fall precipitously in the early part of 2024, but they have yet to reach pre-pandemic levels due to higher-than-usual demand.
Data from the first 15 days of February indicates a substantial decline in prices for wholesale used vehicles, accounting for variations in vehicle types, mileage, and seasonal factors. Specifically, prices have plummeted by 13.8 percent compared to the same full month last year, highlighting a notable shift in the market dynamics. As compared to January 2024, prices were down 0.9 percent, reports Cox Auto.
All segments saw declines, with luxury vehicles leading the drop at 13.2% compared to February 2023, followed by SUVs (13.5%), compact cars (16.9%), midsize cars (15.9%), and pickups (14.6%).