Revving Up or Slowing Down? Unveiling the June 2023 Used Car Price Rollercoaster

The used car market is America’s bread and butter, but lately, the industry has been bumpier than
an old rollercoaster.

As things stand, it is a little bit complicated. Used car prices are going up and going down at the
same time. How can that be possible? It all boils down to timing and brand. While some brands
are still struggling to get lower prices, others are dropping like flies on a hot June afternoon.
Used car consumers, both those who are looking to sell and buy, should know the current trends.
Surprisingly, it is not just about brands but types of cars too. For example, the price of wagon
cars is going down right now, but the price of convertibles is going up. Based on current trends,
if you are looking for a family car, now might be a good time to buy, but if you are looking for a
used sports car convertible, maybe now isn’t the best time.

Used car dealers want consumers to know that they have cars worth buying. But which cars are
those exactly?

Why Are Used Car Prices So Volatile?

We don’t have to rehash the last 3 years, but we can blame all of this on two things: the Covid-
19 pandemic and inflation. Which one is going to do more damage right now? It’s safe to say,
considering the pandemic is somewhat over, that inflation is now the root cause of poor used car
prices. That said, as long as new car prices stay high, the demand for used cars will stay high,
keeping the price of used cars relatively high all across the board.

With a short spike in prices at the beginning of the year, experts say prices will fall for the
continuation of 2023 and into 2024. Does this all hinge on inflation? Not necessarily. Used car
prices could go down if two things happen: new car inventory increases and new car prices
decrease. The two just happen to be directly correlated.

Brands to Buy and Not to Buy

Now, before we dive into which brands have the lowest drops in price, it should be noted that
most of them have seen an increase in price on average for the entire year. As of the last two
months, on the other hand, prices have started to fall. Pontiac is one of the only brands that has
seen a drop in price over the entire year so far.

GMC, Dodge, Toyota, Cadillac, and Lexus are falling and falling hard. The American Used car
dealer is selling these used cars for less than they were two months ago. Toyota’s price has
dropped over 6% this month and GMC’s has dropped over 7%. Other brands such as Ford,
Chevy, Buick, Audi, Acura, and Volvo are also starting to drop in price.

Brands you should avoid this month are Porsche, Land Rover, Jaguar, Tesla, and Aston Martin.
Are you seeing a trend here? High-end used cars are still struggling to see a drop in price.