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Have used car prices bottomed?

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The Stop Sign: Are these the lowest prices?

The Stop Sign

Have used car prices actually bottomed?

Looks like the economy might be taking a dip in 2023, but let’s not let that stop us from talking about cars! You know what they say when the going gets tough, the tough get drifting. But seriously, the headlines are screaming about all sorts of things like tech layoffs and political turmoil, but we’re here to talk about cars and how we can still get our fix even when times are tough.

New car inventory is expected to keep rising, so that’s good news for those of us who are on the lookout for a new ride. It varies by manufacturer, though. If you’re in the market for a Jeep, GMC, or Mazda, you should have plenty of options, but Honda, Kia, and Subaru might still be recovering from some supply chain issues.

But hold on to your hats, because experts are estimating that new car inventory could be up to 70% higher than last year in the spring.

That’s right, we’re talking about a whole lot of shiny new cars just waiting to be driven. And the best part? Fewer new vehicles are seeing markups over MSRP, according to TrueCar data. So you might be able to get your dream car without breaking the bank.

What about used cars, you ask?

Well, things are a bit more complicated in the land of pre-owned vehicles. Wholesale used car prices went up 2.5% in January, which is the largest percentage month-over-month gain since the end of 2021. But retail prices dropped by 0.6%, which is typical. Late-model used cars are usually sourced from leases coming to term, but since leasing has been dry for a while, these cars are in short supply, which means their prices will stay elevated. So if you’re in the market for a used car, you might have to dig a little deeper into your pockets.

But fear not, fellow car enthusiasts! We’re here to make sure you’re up to date on all the latest trends and happenings in the automotive world, even in these uncertain times. Keep an eye out for price drops and re-introductions of incentives. And who knows, maybe Tesla’s recent price drop will inspire other car manufacturers to get creative with their pricing.

So if you’re in the market for a new or used car, it’s definitely worth keeping an eye on these trends and staying informed about the latest developments in the automotive industry. And if you’re a true car enthusiast, there’s no doubt you’ll be excited to see what the future holds for this constantly evolving field!

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