"Used Car Prices: Historic Plunge in 2023, Stabilization Expected in 2024"

Used car wholesale prices have dropped by 53% from their pandemic peak, while retail prices have only fallen by 36%. Auction prices fell 0.5% in December, and the Manheim Used Vehicle Value Index has dropped by 20.9% from its peak in May 2022. Despite rising inventories, prices continue to decline, indicating that consumers are on a buyers' strike. The historic plunge in prices is attributed to dealers being more cautious about overpaying and consumers being less willing to pay inflated prices.