Used Car Prices Plummet 13.8% In 2024, But Still Above Pre-Pandemic Level

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The used car market is experiencing significant price drops in 2024 but is yet to reach pre-pandemic levels due to high demand. Data from February 2024 revealed a 13.8% decline in wholesale used vehicle prices compared to the same month last year. Price decreases were seen across all segments, including luxury vehicles, SUVs, compact cars, midsize cars, and pickups. Similarly, month-to-month comparisons showed a decrease in prices across all major segments. However, despite the decline, prices are still above pre-lockdown levels due to continued demand and low supply.

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