When Will Used Car Prices Return To Normal In Minnesota? Experts Say 2028
Used car prices have been really high since the start of the COVID-19 pandemic across the globe. If you're one of the unlucky people that was forced to make a vehicle purchase during the pandemic, you know how crazy it has been. Dealers in Minnesota and Wisconsin have dealt with shortages, and everywhere you look they are offering to buy used vehicles.
I recently asked local dealer Kari Toyota in Superior, Wisconsin about the car market. Chris Kari, owner, told me that the industry experts predict it's going to be some time.
The good news is prices are starting to come down. The bad news is that it won't return to pre-pandemic levels for years.
Cox Automotive reports seeing a decline in used vehicle prices. June of 2023 was about 6% down from June of 22 with retail used car prices, according to data shared by CNBC. They did note that the used car market was still very strong.
High-interest rates and the increased availability of new cars are helping stabilize used car prices. That will help the prices from increasing, but it will be a slow, gradual return to pre-pandemic levels. Cox Automotive expects that to occur by 2028.
Keep in mind this is a prediction, and if we've learned anything from the last few years predictions can be wrong. Still, it is possible that we won't see used car prices return to normal for a longer time period than we've already been since the start of the pandemic.