Are used car prices dropping?. The increase in the supply of new cars is expected to maintain this trend until 2024. With the recovery of disruptions caused by the global pandemic, new car production lines are supplying more vehicles and used car prices are falling.

The price of used cars has been fluctuating for several years, and CarEdge’s report indicates a significant drop from 2016 to 2023. CarExpert also states that used car prices have dropped by 9. A decrease of 8 more is anticipated, with a peak of 4% in 2023. One percent by 2024.

Carfax reports that despite a slight decrease in the prices of luxury used cars and hybrids/EVs, the overall trend for used car prices remains steady, with only minor dips in some segments.

The decline in second-hand car prices is largely driven by the availability of new cars and economic factors like interest rates and consumer spending.