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Used Car Prices Drop 1.5% in May, Yet Still 4% Higher Than Last Year!

Used vehicle prices fell 1.5% from April to May according to the Manheim Used Vehicle Value Index. Despite this drop, prices remained 4% higher than they were a year earlier. April’s prices hit the highest level since October 2023. The index tracks prices of used vehicles sold at U.S. wholesale auctions. Retail prices, which typically follow wholesale trends, have not decreased as quickly in recent years. Used vehicle inventory stands at 2.2 million, lower than historical levels. This low inventory, coupled with consumers holding onto their vehicles longer, contributes to sustained demand. Retail used vehicle sales in May decreased by 3% from April but increased by 4% compared to the previous year.

Source: www.cnbc.com

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Girl be calm, they’re going to lower the prices

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