New Report Reveals Shocking Truth About Used-Car Market: Prices Down, Sales Struggling

The used-car market continues to shrink according to a new Cox Automotive report. Wholesale prices are down by 15.6%, and despite this, retail prices have stayed largely the same. This has contributed to a 10% decrease in retail sales volume. Poor market performance has impacted all sectors of the car-market, but new car dealerships have also struggled to maintain business. Many automakers have failed to surpass last year’s sales numbers, and consumers are worried about high monthly payments. Both new and used-car dealers have been hesitant to lower prices, but this may need to change if the market continues to struggle.

Source: https://www.cbtnews.com/used-car-market-floundered-in-2022-according-to-cox-report/