{"id":467,"date":"2023-02-08T14:32:08","date_gmt":"2023-02-08T14:32:08","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=467"},"modified":"2025-05-05T10:24:47","modified_gmt":"2025-05-05T10:24:47","slug":"january-draws-unusually-high-demand-for-used-vehicles-driving-surge-in-wholesale-values-prices","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2023\/02\/08\/january-draws-unusually-high-demand-for-used-vehicles-driving-surge-in-wholesale-values-prices\/","title":{"rendered":"January Draws Unusually High Demand For Used Vehicles, Driving Surge In Prices"},"content":{"rendered":"\n
\"Following
Both new and used vehicle prices spiked during the pandemic as supply chain issues \u2013 especially in terms of electronics \u2013 caused a worldwide car shortage that, in turn, drove record-breaking price hikes due to scarcity issues. File photo: Wellnhofer Designs, Shutter Stock, licensed.<\/figcaption><\/figure>\n\n\n\n

WASHINGTON, D.C. – Following intensely \u2013 and unusually \u2013 strong demand in January, prices of pre-owned vehicles in the United States have surged to their highest wholesale value level since last 2021, a new report indicates<\/a>. <\/p>\n\n\n\n

New data released on Tuesday by Cox Automotive show that used car values jumped 2.5 percent from December 2022 and January 2023, representing the largest month-over-month increase since pre-owned market values went up 3.9 percent between October and November 2021. <\/p>\n\n\n\n

However, Cox\u2019s Manheim Used Vehicle Value Index data shows that the overall used market as of January is down 12.8 percent when compared to the same period of time one year prior, indicating that the vastly inflated pre-owned vehicle prices that had been dominating the market due to supply chain issues brought about by the pandemic have begun to subside to more sustainable levels. <\/p>\n\n\n\n

While used prices were at their highest, Cox noted that purchases declined 15 percent in 2022 as prospective buyers were holding off in hopes of prices coming down in 2023. However, January saw an unusually high degree of demand for pre-owned vehicles, driving the corresponding surge in wholesale values and prices. <\/p>\n\n\n\n

According to the most recent data available, the average listed price of a used vehicle in December 2022 was $27,143, which represented a drop of 4 percent year-over-year; this was ample evidence, the firm said, that the used cars market<\/a> was in the process of stabilizing. <\/p>\n\n\n\n

And, given the fact that retail vehicle sale prices typically remain in-step with wholesale prices, this also indicates that new car prices have begun to stabilize as well going into 2023, generating hope that the market overall will be approaching its pre-pandemic \u201cnormal<\/em>\u201d level soon. <\/p>\n\n\n\n

Both new and used vehicle prices spiked during the pandemic as supply chain issues \u2013 especially in terms of electronics \u2013 caused a worldwide car shortage that, in turn, drove record-breaking price hikes due to scarcity issues. <\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, D.C. – Following intensely \u2013 and unusually \u2013 strong demand in January, prices of pre-owned vehicles in the United States have surged to their highest wholesale value level since last 2021, a new report indicates.  New data released on Tuesday by Cox Automotive show that used car values jumped 2.5 percent from December 2022 and […]<\/p>\n","protected":false},"author":4,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-467","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n