High Used Car Prices May Finally Be Dropping

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Aug. 4, 2021—After months of sky-high prices, some experts say the used car market may finally be slowing down.

Per a report from CNBC, Sonic Automotive President Jeff Dyke said there are signs that the used market is finally starting to crest, with prices dropping by as much as $2,000 in the month of July. 

“We’ve never seen this before where you have an inversion where wholesale prices are really higher than retail prices, but that’s all coming to an end," Dyke said.

The average price for a used car in Q2 2021 was $25,410, up nearly $2,500 from the previous quarter, and more than 20 percent higher than at the same point last year. The average price of a new vehicle, in comparison, rose by only $750 to $40,827 from Q1 to Q2.

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