Used car prices go up when more people want them than there are cars available. When supply exceeds demand, prices drop.

Economic conditions impact prices. In uncertain times, prices tend to fall as people tighten their budgets. A booming economy can raise prices.

Newer cars with low mileage cost more, while older, high-mileage cars are cheaper. People pay more for cars with warranties or a good service history.

When gas prices are high, fuel-efficient cars are in demand. Low fuel prices make bigger, less efficient cars more attractive.

COVID-19 disrupted supply chains, making new cars scarce. Used cars became pricier due to increased demand.

A global semiconductor chip shortage reduced new car production, keeping used car prices high.

Remote work led some to sell or delay buying cars, affecting supply and demand, and thus, prices.

Before buying or selling, research the market. Being informed helps you make better decisions.

The used car market is always evolving. Stay updated on market trends to make smart choices.

Understanding these factors empowers you to navigate the used car market confidently, whether you're buying or selling.