Washington, May 6 (Latest) .- The prices of used vehicles in the United States have begun to fall after reaching record values in January and after a reduction of 1% from March to April, according to what Cox Automotive said this Friday.
Data from the firm specializing in automotive sector services indicate that in April, wholesale prices for used vehicles were 6.4% lower than in January, when they were at record highs.
However, even with the reduction in recent months, prices in April were still 16.4% higher than those of the same month in 2021.
For the first time in two decades, used vehicle prices have contributed to rising inflation in the United States, according to data from the government’s Bureau of Labor Statistics.
By segments, the used vehicles whose prices have increased the most in the past 12 months have been vans whose value is 29.9% higher than in April 2021.
The price of compact cars has risen 20.3% while pickup trucks are only 0.3% more expensive than in 2021.
At the same time, retail sales of used vehicles fell 13% from March to April, suggesting that record prices have begun to dampen demand.
Used vehicle prices have skyrocketed since the start of the pandemic. During this period, the production of new vehicles has been reduced by the restrictions caused by the covid-19 as well as by the shortage of essential chips for the manufacture of automobiles.
The reduced production of new vehicles has caused car prices to rise, forcing many drivers to turn to the used car market.
Cox Automotive expects used vehicle prices to decline to more realistic levels by the end of the year. Automakers have signaled that the chip shortage will be resolved in the coming months, allowing a return to normal levels of vehicle production.
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