As prices increased for new cars, many car shoppers went in search of deals and looked to used cars, which traditionally offer lower pricing. Economic and industry insights reveal a growing used car market, with a focus on dealer strategies and the impact of labor costs and supply chain issues. The average price of a used car will fall by 15 percent from current levels by the end of 2023, according to a recent study conducted by ally financial.
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Used Car Prices on the Rise BEBdata
However, some used car segments are still falling faster than.
Should they pony up and pay these prices, or hold out for future deals?
The good news is that there is consensus among some authoritative sources that used car prices will fall during 2024. We’ll start by taking a closer look at the used car market in the final months of 2023 and then move on to an analysis of the new car market, especially the ev sector. Used car prices are still falling in january but there are plenty of reasons to be positive about the market in 2024, believes auto trader’s ceo. Used car values are likely to keep falling all year, with ev prices falling faster than petrol cars, particularly in the second half of the year.
While the expected drop will spell relief for shoppers who wait to buy a used car, it can. So far in 2024, we’ve seen 19 weeks of dropping prices, and 8 weeks of rising prices. Here's what caredge's ray shefska predicts for the new year. With used car prices remaining volatile, it’s never been more important to track the value of your car.
Will car prices drop in 2024?
Get the best price for your vehicle, for free. Should they pony up and pay these prices, or hold out for future deals? We provide black book trade in value and market value, so you can get the most out of your used car. Data from financial intelligence firm moody’s analytics shows used car.
