Used Car Prices Drop for First Time This Year Amid Rising Gas Prices and Increased EV Demand
Used car prices fell in April for the first time since October, according to Cox Automotive's Manheim Used Vehicle Value Index, which dropped 1.6% compared to March. Rising gas prices and affordability concerns are shifting buyer preferences toward older vehicles and all-electric vehicles. The index was still up 1.8% compared to the same period last year.
Topics: automotive industry consumer behavior gas prices used car prices