A new report released on July 10 reveals used cars had their second-biggest monthly drop in history. It’s been a roller coaster of a car market since 2020.
"We had to go far and wide to all these auctions, so I don’t want to say ‘chokehold,’ but a firm grip on the market," Pedro Tanori with Yates Buick GMC says.
The Mannheim index released a report that says used car prices dropped 4.3% in June, the second-largest one-month drop in history.Used car prices see 2nd-biggest monthly dropHe says prices are now finally leveling out on used cars after a substantial drop in the last few months. "If you bought 6 or so months ago, your value would be down compared to what you paid. But now I think they’re stabilizing a little bit. Are they going to be down in the next 6 or 8 months? Probably but not by 8% or 10%," Brauer says."Even though it’s a little drop, and you see that, you see it’s a 4 percent drop, I think it’s a return to how things were prior to COVID. So I’m excited," Tanori said.
At Yates, they say since new cars are being purchased again, trade-ins are helping stabilize the market since they no longer have to pay wholesale premiums.Brauer said if he were in the market for a used vehicle he said nows a good time to take advantage of the lower prices. The biggest year-over-year price drops we’re for compact cars, closely followed by midsize and luxury cars.
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