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.
Ben Geman, Energy Reporter at Axios, joins to discuss the latest Middle East tensions, Brent crude price swings, and why gas prices aren’t falling with oil.
Al Root, Associate Editor at Barron's, joins to discuss Tesla’s robotaxis going live in Texas—what it means for autonomy, safety, and the EV race ahead.
Dena Jalbert, M&A expert and CEO of Align Business Advisory Services, on the state of U.S. M&A: deals worth $1–$10 billion (including debt) are surging.
Jeremy Jansen, Head of Supply Chain at Wells Fargo, unpacks the ongoing trade talks between the United States and China as consumers still wonder about tariffs.
A group of Democratic Texas lawmakers is asking Elon Musk to delay his rollout of driverless ‘robotaxis’ in the state this weekend to assure the vehicles are safe enough.
The billionaire slated to takeover the controlling interest in the Los Angeles Lakers has built a career leading businesses investing in everything from sports franchises to artificial intelligence.
IBM Fellow Jerry Chow talks IBM’s expansion of the Quantum Data Center in Poughkeepsie, installing Heron processors that deliver utility‑scale performance.
