May 12, 2022 – Used car and truck prices rose more than 10% in April and June of last year and counted for roughly one-third of overall inflation throughout last spring.
Prices for used cars and trucks now sit about 48% higher than pre-pandemic levels, Insider calculated with data from the Bureau of Labor Statistics. While that’s still a hefty price hike for a 28-month period, it’s down significantly from the January peak when prices were about 54% higher.
The decline in headline prices will bring much-needed relief for buyers after months of double-digit price increases and widespread shortages. Used vehicles might not completely be a buyers’ market just yet, but it’s moving in that direction.