Broomfield, CO, USA – January 11, 2023 – There has been a major correction in used car prices after they soared from early 2020 to mid 2022, opening up opportunities for consumers to find incredible deals. There’s no better place to shop for cars than the largest site for cars on the internet: MotorCloud.com.
For those who have access to the most vehicles, this is an opportunity to get clarity in a car market with a lot of variability as prices drop and supply is mixed. 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.
Although used vehicle values remain much higher than pre-pandemic numbers, the Manheim Used vehicle Value Index dropped 14.9% since this time last year. Much of the price increase has been erased.
“All indicators point to reaching equilibrium in the second half of 2023,” said Jonathan Smoke, Chief economist at Cox Automotive.
This is backed up by strong new car sales, raising the possibility that they market is returning to more normal conditions.
SUVs, always one of the most popular vehicle types, posted the biggest price losses, at 16.6%, followed by mid sized cars and luxury cars.
Pantheon Macro chief economist Ian Shepherdson was quoted in Forbes as saying, “New and used car prices likely will decline through most of 2023.”
Goldman Sachs reiterated this in advice to clients last month.
The actionable info here is that there’s an opening for car buyers to find great deals amid the price volatility. The more volatile the market is, 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.