Record-breaking drop in used car prices benefits dealers, not buyers

Wholesale used vehicle prices dropped by a record 4.2% in June, marking the third consecutive month of decline. This decrease eases concerns of sticky inflation and is expected to contribute to a further easing in June's Consumer Price Index. Used vehicle prices have been soaring due to inflation and supply chain challenges, but analysts had anticipated a slowdown. The average price of a used auto has increased by 35% since before the pandemic.