
ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
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For the first time, used EV prices are exceeding the consumer price index for all used cars spurring sales and resales, according to the Q3 2022 Used Electric Car Market Report.
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While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
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Compared to last month, wholesale used vehicle prices are down 1.3%, but year over year, prices are up 10.7%.
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The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
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Insights from the "cereal box" workshop at the 2022 Conference of Automotive Remarketing show how consignors and auctions can be creative in accurately pricing wholesale vehicles.
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The average listing price at the end of April was $28,365, surpassing the $28,000 mark for the first time since December 2021.
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Combined sales into large rental, commercial and government buyers were up over 4% year over year in April.
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At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
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The second quarter – especially April – will be the strongest part of the year for used vehicle sales and values, and then slow down but not crash.
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