<\/figure><\/div>\n\n\n\nThe used car market\u2019s looks to be a textbook case for the law of supply and demand. As long as prices of new vehicles remain at or near record levels with an average transaction price about $49,000, buyers looking to save a few bucks ae turning to the used car market.<\/p>\n\n\n\n
Used car inventory was at 1,767,684 at the beginning of May, a 4.07% increase in availability from the beginning of April 2023. However, ZeroSum predicts after four straight months of increased inventory levels, used car stores are expected to be at 1,762,346 for May EOM, a drop of 0.1% from April EOM. <\/p>\n\n\n\n
As inventory levels continue to drop \u2014 supply \u2014 demand is going to continue to rise, driving up prices in the process. <\/p>\n\n\n\n
Used car prices rose in May \u2014 the second straight month \u2014 up 1.34% from April. The average price of a used vehicle is now $31,215. While month-over-month numbers are up, the average price is down significantly from last May, when the average used car price was $33,736. Used vehicles were much more expensive last year because there were fewer new vehicles for sale due to supply chain issues and rising materials costs.<\/p>\n\n\n\n
Although sales are on the rise now, the economic issues expected to impact new vehicles will trickle down to the used vehicle market, ZeroSum warned in its monthly report.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sell \u2019em if you got \u2019em might be the mantra for sellers of new and used vehicles in May. New vehicle inventory levels rose last month and sales are expected to follow suit \u2014 at double digit levels. Meanwhile, used car inventory levels are down, driving prices up so expect sales to be affected. Get details at TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":241389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[1347,7,8,10140,2648],"tags":[2382,858,11032,11033,9909],"make":[],"post-state":[],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/243578"}],"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=243578"}],"version-history":[{"count":3,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/243578\/revisions"}],"predecessor-version":[{"id":243585,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/243578\/revisions\/243585"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/241389"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=243578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=243578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=243578"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=243578"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=243578"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=243578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}