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We're on the cusp of a shortage of used cars, with supply down 4% from January 2023. There are roughly 800,000 fewer used cars to choose from now, with an average list price of $28,859. That average price may be down 2.9%, but it's still 36% higher than what it was in January 2019.
Drawing on the databases of most online marketplaces including Craigslist, Autotrader, and CarsDirect, AutoTempest offers the largest online car marketplace, making it our top choice as the best site for comparing used cars.
Summary. The vehicle inventory shortage is largely due to the COVID-19 pandemic and the low supply of semiconductors. Consumers are noticing a significant lack of new & used cars, higher sticker prices, and fewer deals. It's hard to say how long the shortage will last, but it's likely to extend well into 2022.
As mentioned, October through December is generally the best time to purchase a car. But if you "want to get the best deal, you might want to wait until December, even though you'll run the risk of having fewer cars to choose from," said Edmunds.
Used-car inventory sees signs of improvement with less mileage and lower prices. Inventory increased by 4% month over month thanks to trade-ins from strong new-car sales. As a result, the average price of used cars has dropped 7% year over year to $28,861, and the cost per odometer mile has gone down YoY.
Finally, after years of volatility, new car inventories are climbing above historical norms. We wouldn't quite call it a buyers market since the average selling price remains well above what anyone would call affordable.
- Used car prices are down 23% from their 2022 peak, though they are still 25% higher than we'd expect without the pandemic's effect. 3. As 2025 models roll out, you'll see more and better deals on the 2024s that are still on dealer lots, plus even deeper discounts on the handful of 2023s.
The car shortage is officially over. Supplies of new cars are at a four-year high, which is also boosting used car supply, data show. Unfortunately, that doesn't necessarily mean lower prices, experts say.
Introduction: My name is Aron Pacocha, I am a happy, tasty, innocent, proud, talented, courageous, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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