A person rides a scooter past a used car lot on January 31, 2023 in Los Angeles, California. Prices and sales of used vehicles are falling from pandemic highs amid rising interest rates, increased production of new automobiles and concerns of a recession. (Photo by Mario Tama/Getty Images)
Used cars were one of the biggest contributors to inflation over the past two years. Now, despite steady price declines in recent months, dealerships are hiking their prices once again.
According to Cox Automotive's Manheim Used Vehicle Value Index, prices were up 2.5 percent in January from the month before, even as they remain down 12.8 percent from a year ago.
Cox noted that the increase is due to higher-than-expected demand for the season.
The trend could stem from consumers playing catch-up. In 2022, buyers backed out of the market due to elevated prices and shortage of supply, driving down prices by 15 percent.
The average listing for a used vehicle was $27,143 in December. Just last month, Cox reported the market had returned to its pre-COVID normal. Now that narrative could be in doubt.
Variety Senior TV Editor Brian Steinberg breaks down media mergers, streaming, cord-cutting, and the biggest trends reshaping the future of television.
As AI demand surges, LT350 is reimagining parking lots as data centers. Founder and CEO Jeff Thramann explains this innovative approach to AI infrastructure.
TIME Editorial Director Lucy Feldman breaks down the 2026 TIME100 Creators list, the evolution of the creator economy, and what's next for digital media.
Can blockbuster movies and streaming thrive together? Paul Dergarabedian breaks down The Odyssey's record box office, Netflix's earnings, and Hollywood's future
BMO Wealth Management's Carol Schleif breaks down inflation, Fed policy, earnings, AI investment, and where investors may find opportunities in today's market.
