Curious what people are hearing. Used car wholesale values may be softening, which may or may not herald a major correction. Ray and Zach at the “Your Advocate Alliance” (? Previously “your auto advocate”) YouTube channel have been on this the last week or so, but I haven’t heard much from other sources.
If true, this could have a big impact on the “fix it or junk it” questions on this forum. Anyone have any confirmatory data? Contradicting data? And if so, are there reasons to believe this will just be a minor dip versus a full-on crash?
I think it’s going to be a while before the prices dip. Inventory is still very low, and demand is strong.
IMO, it’s still a good idea to keep driving that vehicle and fixing it (as long as it’s not becoming a money pit).
Personally, I am waiting till end of 2023 (earliest) before buying a new car.
This is just my personal opinion given what I am seeing. Even though used car prices have dropped at the wholesale level I think it'll take some time for it to actually lower the prices consumers are seeing/paying. But then the other issue is that manufacturers are still having supply chain issues (Toyota inventory is 36 hours!) or Honda had to cut production for same reasons. So it's still tough to find a new car without having to stay in line and wait for one. Which means for many brands if someone needs a car right away they have to come to the used market thus keeping used car prices high; maybe not as high as before but also not the prices we were used to see before covid. Another factor is the inflation and rate increases for loans; if those really start to work enough then we might get to a point where less people can buy a new car (those who buy with loans) thus improving the inventory a bit.
