Used Car Prices are Finally Cooling Off in Texas

Posted on by Defensive Driving | in The Daily Drive

 
As we enter summer, at least the used car prices look to be cooling off. 2021 saw used car prices shoot through the roof as vehicle shortages occurred at dealerships across the country. Dealers were buying up preowned vehicles at or near MSRP just to keep vehicles on their lots, as they struggled to keep up with demand. Both the vehicle and home markets saw huge surges over the last 12 months. Starting to see signals of a drop-off is good news for Texans who have been patiently waiting out the shortages and spikes in price. Most people don’t have the luxury of waiting for the right time. To those who can, they may finally have some relief.

used car dealership

Even if you haven’t been in the market for a vehicle, you probably still heard of the situation. Cox Automotive has been tracking the trends for decades. The significance of the spike might surprise you though. We reached unprecedented levels over the last year.

Used Car Price Index May 2022
Source: Manheim & Cox Automotive

The good news is that it may be easier to find something this summer. Only time will tell. What are you doing if you’re in the market for a used car right now?

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