Used Car Prices Continue Downward

In 2021, used car prices often made headlines as one of the goods responsible for the spike in inflation. Two years ago, new car inventories were depleted at most dealers. With stimulus checks in hand and consumers needing a car, most people had no choice but to buy a used car. As a result, used vehicle retail sales hit $16.70 billion in 2021, which was about 25% higher than $12.3 billion in sales in 2019. With exceptional demand and a limited supply of used cars came higher…