Used Cars Are Finally Getting Cheaper — and Even Lower Prices Are Coming Soon

LTC Eugene Chu
..."A gradual decline in used-vehicle prices may disappoint anyone looking for a 2019-style bargain. The average list price for a secondhand car is now nearing $30,000. But it also potentially means people who shelled out for a car in 2020 or 2021 won't be saddled with a vehicle they paid thousands too much for.

Used-car costs may be heading toward some sort of normalcy, but the car market overall will remain off-kilter for years.

Although carmakers are expected to churn out more vehicles in 2022 than 2021, the supply of new cars available at US dealers will stay tight for quite a while. That means consumers shouldn't expect big discounts or deals anytime soon.

The average transaction price for a new car surpassed $47,000 in December. New cars, Smoke projects, will likely keep getting more expensive through 2023."