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A Small Victory: Used-Car Prices Slip From Dizzy Heights

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Paul Sugars, pre-owned sales manager, works on his computer at Jack Demmer Lincoln in Dearborn, Mich., on Monday, July 19, 2021. A seemingly endless streak of skyrocketing used vehicle prices is finally coming to a close in the U.S., according to the latest data (AP Photo/Mike Householder)

(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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