July drop of 1.6% indicates slowing wholesale price declines, reports Cox Automotive.
Retail prices have yet to follow, though many consumers are already reacting to the combined sting of prices and interest rates.
Q1 statistics show market hasn’t returned to prepandemic norms.
February increase biggest gain for month since 2009; used retail sales fall.
The most recent Consumer Price Index from the U.S. Bureau of Labor Statistics shows a slight but promising decline in used car prices.
But analysts predict used vehicle prices will remain higher than pre-pandemic prices for years to come.
Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
Record high used car prices will deflate. The question is how fast the bubble will burst.
The average price of a new car hit $45,000 in September and reached $25,000 for the average used car, according to Kelley Blue Book.
The firm reported that wholesale prices for cars eight years or older fell 2% in May, which was better than the 2.7% drop recorded for the month over the last four years. The improvement led to the first increase this year in the NADA Used Car Guide's used-vehicle price index.
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