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[–] 6 points 1 year ago (3 children)

People that wanted to buy new are instead settling for used. They have more money on hand, meaning in order to secure the deal, they're offering more money closer to asking price. They were probably even over asking price in 2020-2022. It's automotive gentrification where the top buyers are settling for lesser product, pushing each bracket of buyer down to a lower product rank, squeezing the bottom buyers out of the market. So tell me, with buyers willing to spend more, are YOU going to be the one that charitably sticks to the 2019 KBB value of a car you're selling?

Anyway, take a look, used prices are down closer to where inflation was projected pre-2020. New car supply is up, so most used cars normalized. Project car prices have crashed now that most people are commuting and socializing again and don't have time. Hybrids/EVs leveled out since gas prices are normalized.

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  • [+] 2 points 1 year ago (2 children)