Used vehicle prices are falling but not enough to offset grossly inflated levels

Cox Automotive expects wholesale used vehicle prices to end the year down 4.3% from December 2022.

Used vehicle prices are expected to come down further this year amid rising interest rates and improved availability of new cars and trucks, according to Cox Automotive.The decline is expected to follow a whopping 14.9% fall last year from inflated prices during the coronavirus pandemic.

"New supply remains tight, but it is improving rapidly. As supply in new improves demand for us is declining," Cox Automotive chief economist Jonathan Smoke said Monday.during the coronavirus pandemic, as the availability of new vehicles reached record lows due to supply chain and parts problems that interrupted vehicle production.which a year ago blamed much of the rising inflation rates in the country on the used vehicle market.

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