The used car market took off during the COVID-19 pandemic.
As of last month, used pricing had declined nearly 4% year-over-year, according to Cox Automotive's latest Manheim Used Vehicle Index, with one exception: Trucks.
Overall, despite slight improvements in the used car market from 2020 and 2021, supply remains tight for used cars today, according to Cox, and is tighter than this same point both last year and pre-COVID.
Used car dynamicsThe pandemic broke the used car market, and there is no "normal" for this market to return to.
The ongoing UAW strike could also eventually threaten used car prices.
Persons:
—, Cox, That's, It's, Chris Frey
Organizations:
Service, Manheim, UAW