Broomfield, CO, USA – June 2, 2022 – There has been a dip in used car prices, which have otherwise been soaring since early 2020. For those who have access to the most vehicles, this is an opportunity to get into an otherwise expensive car market. MotorCloud.com continues to be the only site that compiles all the vehicles available online, to unlock the most accurate picture of the market, and find the best deals.
The pandemic of 2020. The great microchip shortage. Supply chain hiccups. The war in Ukraine.There are no shortage of reasons for the shortfall in supply of vehicles, and subsequent skyrocketing prices. Car shoppers have been left in an unenviable place. The demand however, hasn’t gone anywhere, and we’ve written previously on how shoppers are finding more creative ways to buy cars.
Shoppers are now shopping more, partly because prices have actually dropped. The Manheim used car index is at 221.2, off its January high of 236.3, but remains higher than where it was a year ago (194). This is the third month the index has declined. Kelly Blue Book, Barrons and CNBC have all reported on the price drops, but experts point out that prices will not likely come back down to pre-pandemic levels.
Mark Zandi, chief economist at Moody’s Analytics, wrote an opinion that the supply-chain issues are starting to subside, which will ease inflation, and prices could start falling for other products in addition to cars.
Bottom Line: There’s an opening for car buyers to find deals in an otherwise tough market. The harder it is to find good deals, the more important it is that you can see all the cars in the market, not just some of them. MotorCloud’s comprehensive vehicle selection is second to none.
MotorCloud is the first true automotive search engine. It has the most complete index of vehicles on the internet, and brings market analytic tools previously only available to dealers, to the public. Visit www.motorcloud.com for more.