{"id":807,"date":"2024-01-02T17:01:53","date_gmt":"2024-01-02T17:01:53","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=807"},"modified":"2025-05-05T10:25:10","modified_gmt":"2025-05-05T10:25:10","slug":"reports-indicate-prices-of-used-cars-declining-still-remain-at-pre-pandemic-highs","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2024\/01\/02\/reports-indicate-prices-of-used-cars-declining-still-remain-at-pre-pandemic-highs\/","title":{"rendered":"Report: Prices of Used Cars Declining Yet Still Remain at Pre-Pandemic Highs"},"content":{"rendered":"\n
\"Reports
ADESA Auctions data notes that used car prices peaked in May 2022 at $17,843, after the average increased beyond the $16,000 threshold for the first time in September 2021. File photo: Wellnhofer Designs, ShutterStock.com, licensed.<\/figcaption><\/figure>\n\n\n\n

WASHINGTON, D.C. – New reports indicate that wholesale prices for used cars and trucks are declining,\u00a0yet still remain at pre-pandemic level highs<\/a>\u00a0that are continuing to strain the wallets of American consumers who are looking for affordable means of personal transportation.<\/p>\n\n\n\n

Due to supply chain issues ushered in by COVID-19, prices of both new and used cars skyrocketed during the pandemic, and despite the fact that they are now showing signs of stabilizing, they still remain quite higher than normal.<\/p>\n\n\n\n

According to the latest monthly report from ADESA Auctions, in November 2023 the average price of a used vehicle sold at wholesale, dealer-only auctions was $14,012. This represents a 4.6 percent decrease year-over-year, but is nonetheless still a whopping 26.5 percent higher \u2013 amounting to a difference of $2,938 \u2013 than November 2019, when the average sale price was $11,704.<\/p>\n\n\n\n

ADESA Auctions data notes that used car prices peaked in May 2022 at $17,843, after the average increased beyond the $16,000 threshold for the first time in September 2021.<\/p>\n\n\n\n

The current slight decrease in wholesale auction prices for used cars<\/a> can be attributed mainly to normal seasonal fluctuations; typically, prices lower during the winter and begin climbing once again as spring hits and driving season is in full swing, according to Tom Kontos, chief economist for ADESA Auctions.<\/p>\n\n\n\n

\n

Average wholesale used vehicle prices fell for the second month in a row in November and into December, which is not unusual for the year-end\/holiday season period,\u201d he said. \u201cDealers appear to be amply stocked for the softer retail demand they face.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

In addition, the high prices, coupled with high interest rates on automotive loans, are also driving down demand for vehicle purchases as of late, both in the new and used sectors. Consequently, many automotive dealerships<\/a> note that due to high prices they are circumventing acquiring used cars at auctions, and instead are attempting to purchase them from different, more economical sources, such as through trade-ins or private sales.<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, D.C. – New reports indicate that wholesale prices for used cars and trucks are declining,\u00a0yet still remain at pre-pandemic level highs\u00a0that are continuing to strain the wallets of American consumers who are looking for affordable means of personal transportation. Due to supply chain issues ushered in by COVID-19, prices of both new and used […]<\/p>\n","protected":false},"author":4,"featured_media":808,"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-807","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