used car prices are starting to drop
 

Used car prices have hit record highs on dealer lots, but it looks like relief for shoppers is finally on the horizon.

https://www.foxbusiness.com/lifestyl...p-accelerating

The latest study from used car wholesaler Manheim found that the average price paid for a vehicle across 5 million transactions in July was $19,482, which is 2.6% lower than the previous month, following a 1.3% reduction in June.

The July figure still represents a 23.6% premium compared to last year and put the Manheim Used Car index at 195.5, which is down from an all-time record of 203 in May and compares to a baseline of 100 in 1995.

Moves in wholesale prices typically are typically reflected at the retail level within six to eight weeks.

The pickup segment drove the reduction with an combined drop from $30,789 to $28,154, while premium sports cars and luxury cars saw small upticks for the month.

Demand also slipped slightly from a seasonally adjusted annual rate of 39 million in June to 38.5 million in July, according to Cox Automotive.



https://images-cdn.9gag.com/photo/abGmX4r_700b.jpg

:rofl:

I still can't believe what I sold my '17 Mustang GT for in May.

I still owed roughly 10k on it. I paid 29k minus fees/taxes in September of 2017 through the Costco Car Buying Service. It was under invoice. I did a few dealer installed options, but nothing crazy.

Sold it to Carvana for 34k. Car was pristine with very low miles, but still. I wanted out of that thing due to reading horror stories of known issues Ford was neglecting. AC problems, Getrag Trans etc. There were some body panel alignment issues that pissed me off.

Took that money and ran.

Now I'm the proud owner of a 25+ year Corvette that is pristine mint but at least I don't have a note on it. I don't care if anything breaks now, it's an old car.

Salvation.

I think its still going to get much worse before it gets better.The supply line is still reeling for chips and other parts.

https://techxplore.com/news/2021-08-...roduction.html