As compared to 2022, the price of the average used vehicle was down 6%, but prices are still 44% higher than they were pre-pandemic car auto cars
is falling, there are still considerably more of them on the secondhand market than there are available from the factory. Less than one percent of the new vehicles sold in the first quarter of 2023 cost less than $20,000, meaning that there are still savings to be had on the used vehicle market.
Meanwhile, people who have held onto their older vehicles have essentially been driving around for free. As the value of their vehicles falls due to mileage and use, market trends are there to catch them. For example, a five-year-old 60,000 miles costs about eight percent more today than a five-year-old Camry with 26,000 miles did in 2020.That’s good news for people looking to sell their used vehicle, and if they are willing to look around for the best price, they could be in for a surprisingly large payday. However, that’s a double-edged sword, and they will have to do a lot of shopping around if they intend to replace the car they sold with something newer.
And people on the used vehicle market will have to continue being savvy. Ultimately, Q1 2023’s small value drop for used vehicles isn’t likely to be the start of a market correction, and this simply looks like the new normal. “If new car sales stall out, automakers and dealers could leverage heavier incentives to entice consumers into new purchases, which would in turn place downward pressure on used car values,” said Drury. “But since most automakers have been deliberate in aligning vehicle production and demand to avoid the inventory glut issues they faced prior to the pandemic, consumers probably shouldn’t count on any major bargains or discounts through the rest of the year.
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