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In a first-ever metric compiled by Cox Automotive, seasonally adjusted electric vehicle values ended 2023 down 17%, while non-EVs were down 7.1% for the year.
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All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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While the used vehicle market is not fully back to normal, it shows signs of more stability and balance.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
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Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
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An iseecars.com study finds electric car prices saw an increase of 54% in July from the same month last year while gas-powered cars were up just 10%.
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ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
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