Average used car price has risen by $700 in largest single-week increase since 2021
Used car prices were on a decline last year, but now they are expected to increase. Last month, vehicle prices saw a 4.3% increase, which is the biggest for the month of February since 2009, as per Manheim, a used car seller.
In another report, conducted by Black Book, used car prices rose by 0.46% for the week that ended on March 11, the largest increase in a single week since November 2021, according to USA Today.
The average used car price has risen by $700 in the last four weeks, according to CoPilot data. It is now over $40,000. CoPilot’s CEO, Pat Ryan, said that cars bought by consumers in February were likely purchased by dealers in either December 2022 or January 2023, when wholesale prices were lower. However, the cars that consumers buy in March and April will be higher-priced to reflect the cost dealers paid for them in February.
Despite the rising prices, some experts believe that consumers will continue to purchase used cars. With tax returns coming in, consumers can keep buying cars, according to Mike Trudeau, an executive at Montway Auto Transport.
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