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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