Day: July 16, 2021

Used-car prices are finally starting to fall from their pandemic peaks, but deals are still far away

A car dealership lot with Ram pickup trucks.

Used-car prices will only truly get back to normal once new-car prices come down. David Zalubowski/AP

  • Used-car prices have shot through the roof in the past year.

  • The market may have finally peaked and prices are slowly returning to normal.

  • But it could still be more than a year before you can truly get a deal on a secondhand vehicle.

  • See more stories on Insider’s business page.

In today’s topsy-turvy car market, people are shelling out thousands more for used cars than they did just a year ago, with prices jumping more than 10% in June alone.

And although prices appear to have peaked, it’ll be a long while before you’ll be able to pick up a secondhand set of wheels on the cheap, experts say.

Prices are finally dropping

After surging for months, wholesale used-vehicle prices went down between May and June, according to data from Manheim

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