OMG! Used Car Prices Are, Like, Totally Chill Now!

Is This My Car Era?

Okay dolls let's talk cars. You know I love a good ride but sometimes those price tags are just not it! So I heard that used vehicle prices dipped a tiny bit in May like 1.5%. It's like when I try a new contour and it's not *quite* right but hey we adjust! But like Jeremy Robb from Cox Automotive said it best 'Wholesale appreciation trends were remarkably strong in April but the market gave some of that strength back in May...' Translation? Things are still more expensive than last year but they're stabilizing which is good right? I'm not an economist but even I can understand that.

Is the Market Shady?

So the article is all about how prices at auctions are a bit more chill than they were in April but are still higher than last year. Apparently the prices for new cars can affect the used car market even though those tariffs don't directly affect it. It's like if Balenciaga raises their prices then everyone is going to want vintage Balenciaga pieces. It's all about supply and demand people!

Inventories and The Pandemic??

Okay so get this. Even though there are a lot of cars there are even more people that want cars... that's demand. That's why prices are up! Demand has stayed relatively strong as inventory levels for used vehicles remain low compared with historical levels. It's like when I release a new KKW Beauty product and everyone wants it at once so it's harder to get. And the pandemic has definitely affected production. Like less stuff being made means higher prices. It's giving *supply chain issues* but make it fashion.

Retail Sales Are Down? Oh No You Didn't!

The article also says retail used vehicle sales in May were down 3% compared with April but higher year over year by 4%. Okay so things are still higher in price than they were last year but have gone down since last month. In Kardashian math that makes no sense but let's just roll with it.

Used Car Sales Stabilizing...

This article is so boring. LOL JK! Okay I read it. But the good news is that they said they expect used vehicle prices to continue to stabilize after swinging wildly for several years. Like my emotions after a night out in Miami. *So* unpredictable!

So What's the Tea?

Basically the used car market is still kinda crazy but maybe not as crazy as it was a few months ago. My advice? If you need a car do your research and remember you're doing amazing sweetie! And always always always get a good selfie in your new ride.