DETROIT — Consumers hoping for a deal this spring on a used car or truck might be out of luck, as wholesale used vehicle prices increased for a third consecutive month in February.
Cox Automotive on Tuesday reported wholesale used vehicle prices increased 4.3% in February from January — marking the largest increase between the two months since 2009.
Although the prices were down 7% from inflated levels a year earlier, they’re trending back toward record levels, according to Cox’s Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions.
The unseasonably strong increase is bad news for consumers hoping for a deal, as well as for the Biden administration, which has seen pre-owned vehicle prices as a barometer for easing inflation.
Federal Reserve Chairman Jerome Powell on Tuesday cautioned that interest rates are likely to head higher than central bank policymakers had expected, citing data that inflation has reversed the deceleration it showed in late 2022.
Higher interest rates mean vehicles become less affordable for consumers, who have been dealing with record-high new and used vehicle prices for several years now.
Cox reports the average listed price of a used vehicle was $26,510 in January, the most recent data available, down from record highs last year of more than $28,000. Retail prices for consumers traditionally follow changes in wholesale prices.
Cox estimates that used vehicle retail sales declined 5% from January to February and were down 9% from a year earlier.
Used vehicle prices have been elevated since the start of the coronavirus pandemic, as the global health crisis, combined with supply chain issues, caused production of new vehicles to sporadically idle. That led to a low supply of new vehicles and record-high prices amid resilient demand. The costs and scarcity of inventory led consumers to buy used vehicles, increasing those prices as well.
ivermectin 6mg without a doctor prescription – buy stromectol online tegretol uk
isotretinoin 40mg canada – purchase dexona generic linezolid pills
how to get azithromycin without a prescription – zithromax generic nebivolol order online
cheap neurontin pill – anafranil 50mg pills sporanox where to buy
buy furosemide 40mg online cheap – buy piracetam 800mg generic betnovate oral
acticlate pills – buy cheap glucotrol glipizide 10mg cheap
buy augmentin 375mg pills – augmentin 375mg uk order cymbalta 40mg without prescription
purchase amoxiclav online cheap – order nizoral 200mg online duloxetine drug
buy tizanidine online – buy microzide 25 mg pills order microzide 25mg for sale
order tadalafil 10mg online cheap – viagra on line order sildenafil 50mg pill
viagra professional – cheap tadalafil generic order cialis online cheap
generic cenforce 50mg – aralen cheap glucophage order online
buy generic omeprazole for sale – atenolol pills order atenolol for sale
where to buy medrol without a prescription – buy lyrica 150mg generic buy triamcinolone cheap
buy cytotec 200mcg – buy xenical generic order diltiazem for sale
buy zovirax sale – buy zyloprim paypal crestor 10mg generic
cheap motilium 10mg – buy cheap generic sumycin order cyclobenzaprine 15mg online cheap
order motilium 10mg online – order sumycin 500mg sale purchase cyclobenzaprine pills
order inderal 10mg – buy methotrexate sale methotrexate 2.5mg cheap
purchase warfarin pills – buy medex without a prescription cozaar generic
nexium 40mg canada – esomeprazole 20mg price sumatriptan uk
buy generic meloxicam – order meloxicam 7.5mg pill order tamsulosin 0.2mg generic