patrick.net

I bought and sold a car in the past month as we upgraded our 5 seater SUV to a 7 seater to accommodate our family.

I can confirm that without question, used car prices are dropping. Cars are sitting on the market longer, dealers are more willing to negotiate, and buyer pools are decreasing compared to just 6mo ago.

We haven’t even scratched the surface of the repos coming in CY23 from the volume of people who took out big loans over the last two years at near 0 prime rate who are now underwater.

Also, the chip industry is catching up to the shortage that existed in the pandemic which is further flooding the market.

2023 will be a great time to buy a used car.