{"id":237859,"date":"2023-01-19T18:50:58","date_gmt":"2023-01-19T23:50:58","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=237859"},"modified":"2023-01-19T18:51:33","modified_gmt":"2023-01-19T23:51:33","slug":"used-car-prices-sliding-fast-fall-below-2021-levels","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2023\/01\/used-car-prices-sliding-fast-fall-below-2021-levels\/","title":{"rendered":"Used Car Prices Sliding Fast, Fall Below 2021 Levels"},"content":{"rendered":"\n

New vehicle prices have been on the uptick for nearly two years now, and for a while used cars followed suit. However, the worm has turned and prices are sliding down \u2014 10% in the last four months.<\/p>\n\n\n\n

\"Used
Used car prices have fallen 10% in the last four months.<\/figcaption><\/figure><\/div>\n\n\n\n

Consumers have been hit with a steady stream of price increases for new and used vehicles for some time now, but the trend reversed last fall. This slide is the first year-over-year drop in pricing since the pandemic began, according to iSeeCars.com\u2019s latest analysis of 1.8 million used car sales in December. <\/p>\n\n\n\n

\u201cThe inflation and high interest rates of the past several months are clearly impacting consumers, and have migrated to the car market where prices are consistently falling,\u201d said Karl Brauer, Executive Analyst at iSeeCars.com.<\/p>\n\n\n\n

Brauer noted that Tesla was the hardest hit among used cars. Here are a few other important trends:<\/p>\n\n\n\n

  • Used car prices fell 2% in November, followed by a 3% drop in December<\/li>
  • The average used car price was down over $1,000 in December, the first substantial drop in more than two years<\/li>
  • Tesla Model 3 was the biggest loser in recent months, sliding nearly 17% since September<\/li>
  • Most electric and hybrid vehicles remain hot, with the Chevrolet Bolt, Nissan Leaf, and Prius Prime prices still up over 20% year-over-year<\/li><\/ul>\n\n\n\n
    \"Tampa-Tesla-check-out\"
    While used EV prices are up, Tesla’s seen a decline in the past several months.<\/figcaption><\/figure><\/div>\n\n\n\n

    Regression to \u201cnormal\u201d<\/h2>\n\n\n\n

    Used car prices have dropped compared to a year ago for two months in a row, the website noted, marking the first time values have actually decreased year-over-year since June 2020, more than 2.5 years ago. <\/p>\n\n\n\n

    \u201cWe\u2019re still a long way from \u2018normal\u2019 but there are clear signs the elevated prices of the past two-plus years are coming to an end,\u201d Brauer said. \u201cIt was easy to predict, given the macroeconomic factors we\u2019ve seen over the past six months.\u00a0<\/p>\n\n\n\n

    \u201cWith everything from inflation to interest rates hitting peak numbers there was no way the upward pressure on car values could continue. The next big question is: how far and how fast will car prices fall?\u201d<\/p>\n\n\n\n

    Prices every month last year, but didn\u2019t slide below 2021 levels until November. They fell further in December. \u201cOver the next two to three months we should get a sense of how far and how fast prices will drop, but the trend is undeniable at this point,\u201d said Brauer.<\/p>\n","protected":false},"excerpt":{"rendered":"

    New vehicle prices have been on the uptick for nearly two years now, and for a while used cars followed suit. However, the worm has turned, and prices are sliding down \u2014 10% in the last four months. See what\u2019s driving the decline at TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":156545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[3332,7,8,5,1347],"tags":[2105,9466,9467,2102,9465],"make":[],"post-state":[],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/237859"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=237859"}],"version-history":[{"count":8,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/237859\/revisions"}],"predecessor-version":[{"id":237867,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/237859\/revisions\/237867"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/156545"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=237859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=237859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=237859"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=237859"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=237859"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=237859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}