Why used car prices are going up again
New data shows used car prices which surged during the pandemic, are now stubbornly remaining there despite recent weakness in the market.
According to the highly-watched Manheim Used Vehicle Value Index (which tracks wholesale used-car prices at dealer auctions), used car prices jumped 3.7% in February compared to January of this year, which was also higher than the prior month. Manheim says the 3.7% jump in February was the largest increase for the month on record since a 4.4% rise in February 2009.
Manheim says this jump in prices is not typical for the time of year.
“The US auto…
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