Used car DEMAND AND PRICES FALL from historic highs. 🚗 #shorts

Last month, wholesale prices for used cars hit their lowest level in more than a year. This is because retail sales are falling because interest rates are going up, there are more new cars on the market, and people are worried about a recession.

The Manheim Used Vehicle Value Index, which tracks the prices of used cars sold at wholesale auctions in the United States, has dropped by about 16% since January, when it hit a record high.

The drop is good news for people who want to buy a car, but it's not so good for companies like Carvana that bought cars at record highs and are now trying to sell them for a profit.

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#usedcars #newcars #autos

Source:
https://www.cnbc.com/2022/12/07/used-vehicle-demand-and-prices-continue-to-decline-from-record-highs.html

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