Used car prices are still high, but they're expected to stabilize in 2024

Used vehicle prices are expected to stabilize this year after a period of record-high prices. Cox Automotive predicts that wholesale prices on its index tracking used vehicle prices sold at its U.S. wholesale auctions will end 2024 just 0.5% higher than in December 2023. This is a contrast to the 7% decline in 2023 and the nearly 15% drop in 2022. The pandemic caused inflated prices due to supply chain issues and halted vehicle production. While stability is good news for buyers, used vehicle prices are still higher than pre-pandemic levels. Cox Automotive also expects a slight increase in used vehicle sales in 2024.