A promising dip in used-car prices made buying one last year a much more tangible option, however the trend appears to be reversing again. Veuer’s Chloe Hurst has the story!
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00:00If you're shopping for a used vehicle, you may find yourself up against stubbornly high prices.
00:05The Wall Street Journal reports used car and truck prices increased by 2.2 percent from
00:11December to January. New car prices remained constant, according to the Labor Department.
00:17In looking at purchase patterns over the last few years,
00:20COVID-era vehicles favored sales over lease deals, which pushed the prices upward. Axios
00:26reminds us used car prices were a big driver of post-pandemic inflation. The Journal reiterates,
00:32now there is a hangover effect, a shrinking pool of leased cars being turned in at the
00:37end of their terms, a main source of supply for used car lots. A promising dip in used
00:43car prices made buying one last year a much more tangible option. However,
00:49the trend appears to be reversing again.