Since the start of the pandemic and the resulting disruptions to new car supply chains first sent prices soaring, used car prices posted their largest annual increase on record – up 45% in the 12 months ending in June 2021, according to the Consumer Price Index – before swinging to a 12-month drop of 8.8% in the most recent reading for December.
“At one point it seemed that everyone who was going to buy new ended up buying used,” said Greg Markus, executive vice president of AutoLenders, parent company of New Jersey’s largest used car dealership chain. That included rental car companies, which before the pandemic normally bought about 10% or more new cars per year.
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Steep plunge for who? The prices are still ridiculously high from what I've seen.
If like ne it's too expensive to. Buy new or used. So keep driving my old 2003 Ram. Not going to get sucked into a $800 to $1000 car payment. Which is what you are looking at unless you stretch the terms which is dumb
The demand isn’t there
You mean the return to former prices?
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