And compared to August 2019, before the crazy price spike took off, wholesale used vehicle prices are still up by nearly 50%. So prices have come down some, but they’re still crazy high.
Used vehicle retail sales in August fell 9% year-over-year, and were down by 19% compared to August 2019, according to Cox Automotive, citing data from its Dealertrack unit, based on same-store results. But July sales had been even worse: down 29% compared to July 2019.
The totally crazy and irrational price spike of used-vehicles is now in serious unwind mode, as enough potential buyers have gone on buyers’ strike. But prices have spiked so far, and so quickly, that a major decline will bring out the buyers again as they perceive those lower prices to be great deals, after the crazy spikes, but those prices may still be 40% higher than they’d been three years ago.Buyers’ Strike Takes Effect: Used-Car Auction Prices Plunge, but Still Sky-High, up Nearly 50% from Three Years Ago | Wolf Street