Used Car Prices Climbed 2.5% In January, Still Below Recent Highs | Carscoops carscoops
Despite higher prices, used retail sales were up 16% from December and up 5% compared to last year. This increased demand saw inventory levels drop to a 44 day supply, which is down from a 56 day supply in December and a 60 day supply in January of 2022.
That’s a sizable change and it means buyers might need to do some extra research to find exactly what they’re looking for.Looking into the future, consumers seem to be unfazed by growing concerns of economic uncertainty as the number of people planning to purchase a vehicle in the next six months was unchanged from December. That being said, the number is down slightly compared to this time last year.
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