According to Edmunds’ Q3 Used Vehicle Report prices are down year-over-year, but remain far above pre-pandemic levels.
The used vehicle market is experiencing a course correction after years of pricing volatility and other disruptions caused by early COVID-19-era supply chain setbacks. The average transaction price of a used vehicle in Q3 2023 declined 5.5% to $28,935 compared to last year’s Q3 value of $30,603. Even with the decrease, the third quarter result still represents a significant 44% increase from Q3 2018’s $20,085 measurement.
Generally, declining prices allow for less collision repair work to be performed prior to a vehicle being
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