{"id":4199,"date":"2023-08-30T09:48:58","date_gmt":"2023-08-30T14:48:58","guid":{"rendered":"https:\/\/niada.com\/dashboard\/?p=4199"},"modified":"2023-08-30T09:48:59","modified_gmt":"2023-08-30T14:48:59","slug":"carfax-index-shows-declining-used-vehicle-prices","status":"publish","type":"post","link":"https:\/\/niada.com\/dashboard\/carfax-index-shows-declining-used-vehicle-prices\/","title":{"rendered":"CARFAX Index shows declining used vehicle prices"},"content":{"rendered":"\n<p>Used hybrids and EVs dropped an average of $9,000 in the past year, according to the September <a href=\"https:\/\/www.carfax.com\/blog\/used-car-prices\" target=\"_blank\" rel=\"noopener\">CARFAX Used Car Index.<\/a><\/p>\n\n\n\n<p>The index, which started in April, saw prices dropping between $600 and $9,000 in all seven categories CARFAX tracks.<\/p>\n\n\n\n<p>\u201cThis was the first month where every category dropped,\u201d said Patrick Olsen, CARFAX Editor-in-Chief.<\/p>\n\n\n\n<p>The price declines are expected to be the start of a trend for several months, with new car inventory increasing and demand lagging due to high interest rates and economic uncertainty.<\/p>\n\n\n\n<p>\u201cConsumer demand is muted with the concerns about jobs and as more new cars become available, I expect prices to continue to drop,\u201d Olsen said.<\/p>\n\n\n\n<p>Hybrids and SUVS were down 22 percent in the past year to $31,826.<\/p>\n\n\n\n<p>Luxury cars also saw a double-digit drop of 11.9 percent to $30,895, since August 2022.<br>Even SUVs and pickups had minor price declines. SUVs were down $250 in the last month and pickups $500. CARFAX reports pickups are down $1,000 since June.<\/p>\n\n\n\n<p>CARFAX points out, while prices have dropped, they remain higher than before the pandemic due a lack of inventory.<\/p>\n\n\n\n<p>\u201cIn 2020, COVID-19-related shutdowns began, and new-car sales tanked in the U.S. That means the typical number of used cars coming off lease is lower than in the years before the pandemic, which limits used-car inventory,\u201d the CARFAX report noted. \u201cWith less inventory, there are fewer cars to go around, and prices can rise.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Used hybrids and EVs dropped an average of $9,000 in the past year, according to the September CARFAX&hellip;\n","protected":false},"author":1,"featured_media":3329,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[28,3],"tags":[],"class_list":{"0":"post-4199","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-independent","8":"category-industry","9":"cs-entry","10":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=4199"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3329"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=4199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=4199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=4199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}