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(Staff photo by Brianna Soukup/Portland Press Herald via Getty Images)DETROIT — Used vehicle prices are expected to stabilize this year, after buyers of pre-owned cars and trucks got more relief in 2023 following a stretch of record prices. However, used vehicle prices are still higher than they were before the pandemic. Retail prices for consumers traditionally follow changes in wholesale prices, but they have not fallen as quickly as wholesale prices in recent years. Used vehicle sales are expected to increase by less than 1% to 36.2 million, according to Cox Automotive. That forecast includes 19.2 million in used vehicle retail sales.
Persons: Brianna Soukup, Cox, we've, Jeremy Robb, Jonathan Smoke Organizations: Lee, Portland Press, Getty, Automotive, Cox Automotive Locations: Manheim, U.S
Auto dealers are sitting on way more electric cars than they are gas-powered ones right now. Cox Automotive said new EV inventory is having a "field of dreams" moment. There are nearly double the amount of EVs compared to gas cars at dealerships right now — and that could help solve two of today's biggest problems with car shopping. New car inventory on dealer lots is sitting at about a 54 days' supply, according to Cox Automotive. Now, car companies are ramping up EV production, bolstering their manufacturing and supply chains, and churning out more electric cars.
Persons: hasn't, It's, Jeremy Robb, Cox, weren't Organizations: Auto, Cox Automotive, Consumers, Hyundai
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