Menu

Used car prices fall for first time this year as gas prices spike, EV interest rises
πŸ“°
0

Used car prices fall for first time this year as gas prices spike, EV interest rises

CNBCΒ·Michael WaylandΒ·25 days ago
#x6rtFOgY
Reading 0:00
15s threshold

Customers browse in a used car lot on Feb. 15, 2023 in Glendale, California. Mario Tama | Getty Images News | Getty Images DETROIT β€” Used car prices fell last month for the first time since October as gas prices rose amid the war in Iran. Cox Automotive's Manheim Used Vehicle Value Index β€” which tracks prices of used vehicles sold at its U.S. wholesale auctions β€” decreased 1.6% last month compared with March and were up 1.8% compared with the same month a year earlier. Cox said affordability remains a key concern for buyers, which is driving increased demand for older vehicles and all-electric vehicles at Manheim auctions. Gas prices at the end of April were up $1.12 per gallon compared with a year earlier to a national average of $4.30 a gallon, according to AAA . They've continued to rise since, with the national average hitting $4.56 as of Thursday.…

Continue reading β€” create a free account

Join HashtagPLUS to read full articles, follow hashtags, vote, and join the conversation.

Read More