We’re Seeing a Drop in Used Car Prices

The last few years have seen an increase in used car prices due to a combination of material shortages, high demand, and lower production of new cars.

Fortunately for buyers, we’re beginning to see a turn in this trend.

“Used car prices have likely peaked,” says an article from JP Morgan. They continue, saying, “In 2023, prices are expected to decline by roughly 10% for used cars.” We think that sounds promising.

At CarShop we’ve seen prices already start to come down over the last few months, even as the quality of our vehicles remains an industry best.

Take our Certified Vehicles, for example. You’ll always find a car that’s under 50,000 miles and less than 4 years old. Plus, the guarantees you get on our Certified vehicles are still some of the best on the market: no dings, dents or scratches; a lifetime engine guarantee; and a bumper–to–bumper warranty that lasts for the first 6 months or 6,000 miles.

U.S. News & World Report also just shared that current prices present a great opportunity for buyers, not only because of lower prices but because of higher trade–in values.  “You’ll likely get more money than you’re expecting when you sell or trade your current vehicle.” They report that “Equity (trade–in values) are still higher than ever.”

Luckily for you, CarShop makes trading–in your vehicle incredibly simple. Our offer to purchase your vehicle comes with complete transparency. Whether you want to simply sell us your vehicle or trade it in for a ’like–new’ one, we make the process easy with our haggle–free, hassle–free policy. That’s how we do everything here at CarShop.

To sum things up, prices are going down, and outlooks are looking bright for those looking to purchase a used vehicle in the future. Our advice? Stop in–store today or shop online and let us help you buy with confidence.