Used car prices are down over 15% since they peaked in January at an average of nearly $24,000.
Why it matters:
The remarkable climb in used vehicle prices was an early and ultra-visible driver of COVID-era inflation.The Manheim Used Vehicle Value Index, a gauge of wholesale market prices for used vehicles, dropped for the fifth-straight month.Wholesale prices are typically a leading indicator of the prices consumers pay, so this suggests better deals on vehicles could be coming to auto lots soon.
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