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.
Babylist CEO Natalie Gordon joins Cheddar to discuss how the website is helping new parents, how to make a registry and how secondhand options are available.
Biotechnology company Regeneron Pharmaceuticals is buying 23andMe for $256 million, two months after the genetic testing company filed for Chapter 11 bankruptcy protection.
ReturnPro CEO Sender Shamiss to discuss how his company is changing the way we make returns and how Trump's tariffs are affecting the return business. Watch!
Walmart, which became the nation’s largest retailer by making low prices a priority, has found itself in a place it’s rarely been: Warning customers that prices will rise for goods ranging from bananas to car seats.
Chris Beauchamp, Chief Market Analyst at IG International, joins J.D. Durkin to give analysis on the recent trade truce between the U.S. and China. Watch!
