Used vehicle asking prices have decreased recently in May from $28,372 to $28,312 and the used vehicle supply is somewhat steady, according to new data from Cox Automotive.
Price growth in mid-April was up 28% year-over-year, and now it stands at 16%. There were also 2.47 million used cars unsold on dealer lots across the country at the end of the month and June inventory opened at 7% higher than 2021. Tax refund issuance has been behind this year as well, so more consumer spending on used cars might come in the second half of 2022.
“The end of May showed interesting and divergent patterns for new and used listing prices,” said Charlie Chesbrough, Cox Automotive senior economist. “We have been expecting vehicle inflation to ease as the anniversary of the start of the chip shortage passes, and that, indeed, is occurring in the used market.”
Click here to see the full report from Cox Automotive.
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