In the last few weeks of January, the average price of used cars began to slide, which may signal a return to a more normal market, research shows.
Even with the current softening in the used-car market, average prices remain elevated. The $41,121 average for 1- to 3-year-old cars as of Jan. 30 is up more than 50% from $27,301 in January 2020 , according to CoPilot.For consumers, higher prices for used cars have generally meant getting more on a trade-in: The average reached $9,852 in January, an 88% increase of $4,611 from a year ago, according to a joint estimate from J.D. Power and LMC Automotive.
Demand for cars is expected to remain elevated this year, with 4.5 million to 5 million consumers waiting on the sidelines to make a purchase. "This pent-up demand will keep inventories low and prices high throughout most of 2022," Tyson Jominy, head of data and analytics for J.D. Power, told CNBC in January.
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