Prices of used cars unexpectedly rose for the second consecutive month in January, according to data from Manheim, fueling fears that inflationary pressures may be rising again.
John Carney, which tracks wholesale auction prices for used cars, rose 2.5 percent in January. Prices were up in December, as well, the first month-to-month gain since May of 2022. Following the gain, the index is at the highest level since August of 2022, indicating that much of price decline in the latter half of last year has been erased.
Manheim estimate that used retail sales increased 16 percent in January from December and that used retail sales were up 5 percent year over year.
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