Used car prices decline for late-model vehicles, but older, affordable cars retain value amid cost-of-living crisis.
Used car prices drop, but older vehicles retain value amid cost-of-living crisis. As new car supply improves, late-model used cars' prices decline; however, older, affordable cars experience higher demand, with 8-10 year old vehicles retaining elevated prices compared to 2019 levels. Cox Automotive Australia attributes this to consumers opting for lower-cost vehicles amid inflation and economic pressures.
July 20, 2024
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