Wednesday, April 13, 2022

Used Car Prices Begin Falling

CarMax is a big enough outfit to be a bellwether.

...The Richmond, Virginia-based...[CarMax]... cited declining consumer confidence and affordability, among other factors, for a 6.5% drop in the number of used cars it sold last quarter in stores that have been open at least 13 months. The average price of a car rose 40%, or $8,300, in the period ended Feb. 28 compared with a year ago, CarMax said in a statement Tuesday....

Revenues were up due to the higher price of cars.  But when volume turns down, as it did, look for prices to come down, too.

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