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A small victory: Used-car prices slip from dizzy heights

used cars

DEARBORN, Mich. (AP) — For months, anyone who wandered onto a dealer lot to look for a used car could be forgiven for doing a double take — and then wandering right off the lot.

Prices had rocketed more than 40% since before the coronavirus pandemic began — to an average of nearly $25,000.

But now, a sliver of hope has emerged.

The seemingly endless streak of skyrocketing used vehicle prices appears to be coming to a close.

Not that anyone should expect bargains.

Though average prices for cars, trucks and SUVs are gradually declining, they’ll likely remain near record levels.

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Associated Press

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