Posted on 07/10/2023 11:09:18 AM PDT by ChicagoConservative27
Wholesale used car prices dropped by 4.2 percent from May to June, marking the largest monthly decrease since the start of the COVID-19 pandemic, according to the Manheim Used Vehicle Value Index (MUVVI).
The index, which is a measurement of wholesale prices of used vehicles, also saw a drop of 10.3 percent from a year ago.
“The 4.2 percent drop is among the largest declines in MUVVI history and the largest decline since the start of the pandemic in April 2020 when the index plunged 11.4 percent,” Chris Frey, senior manager of economic and industry insights for Cox Automotive, said in a statement.
“The year-over-year decline was also large, another 2.7% drop from May’s annualized 7.6% decline, but as mentioned last month, auction prices were lower in the fall last year, and we expect these increasing year-over-year moves to shrink in the months ahead as the market normalizes,” Frey added.
(Excerpt) Read more at thehill.com ...
I only know of one company going all EV for their fleet
That's crazy.
Get them while you can or wait to be forced to purchase one of the expensive EVs.
“ The Average Car Is Now a Record 12.5 Years Old”
My car is 12.5 years old, and as long as it keeps passing inspection, I’ll keep it. It has less than 100,000 miles, so I could make it to 200,000 if gas engines are still legal by then.
” forgot a thing or two.”
We make a list always something we left off.
Most of food now is home made, followed by canned/frozen meals, a big thing for us is sushi from the local HEB (big chain Tx), special days (birthdays, etc) is delivered pizza.
Biden economy is not nice to me.
They have a lot further to go…
They are still grossly overpriced.
I suppose it may vary by location somewhat but we are seeing prices come down at a lot of places but some are still trying to shake down those who havent heard.
Like the others said, its the interest right now.
In December I know a no credit person got a used car loan for 5. This morning two excellent credit individuals were offered a best available loan of ONLY a low low 10%.
I think a lot of those cars are going to sit there for awhile. Good news is they should be marked even further down by then.
[Economic contraction?]
Yes, IMHO.
Also known as the W/Obama/Obama/Biden Disaster All According to Plan. /shiny side out
[Biden economy is not nice to me.]
Same here, my FRiend.
“They don’t go on sale until they are practically wrecks.”
I use an 18 yr. old vehicle most every day for local running around. And I have an identical spare [that my wife finally rejected] in the garage as backup.
Heh, we bought our Subie Outback used, a bit over 11 years ago. It now has over 250k miles on it. “Everything works”, but it needs new wheel bearings on at least 2 wheels (this has been a repetitive problem), both front CV boots have split (another repetitive problem), the catalytic converter may be shot (yet another repetitive problem - one that’s already had one recall) and there’s an exhaust leak where the exhaust splits into 2 pipes. Plus I’m re-doing the wiring harness to the hatch. But, the car runs well and all other stuff works fine.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.