Used-Vehicle Prices See Biggest Drop Since Pandemic Onset
• The average price of a used vehicle has seen its biggest monthly drop since the start of the pandemic.
We're all hoping for a return to normality. It's one thing for new vehicles to be out of reach to consumers on a budget, but when even pre-owned vehicles are priced out of range, that’s a problem for buyers – and for the economy. If this trend continues, it will also have an effect on inflation, rising vehicle prices being one of its most important drivers, as measured by the consumer index.
Prices have also been stabilized by growing inventories of used vehicles at dealerships. Those stocks had been depleted following pandemic-related factory closures and subsequent shortages of microchips and other parts, which led to owners holding on to their vehicles longer, and to runs on used vehicles that were out there on the market.
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