📉Wholesale used car prices have dropped 10.39% in the past 7 weeks.
📊Full-size Vans have seen a 25% decrease in value over the past 7 weeks.
💰Dealers are willing to negotiate prices, even if they haven't dropped them yet.
📉Other segments, such as full-size luxury SUVs and compact cars, have also experienced significant price declines.
💼Dealers should manage their inventory and be willing to take losses to adapt to the changing market conditions.
Why are wholesale used car prices dropping?
—Wholesale used car prices are dropping due to market corrections and changes in demand and supply.
Will retail asking prices also decrease?
—Yes, retail asking prices are expected to decrease due to the drop in wholesale prices.
Can I negotiate for a lower price even if the dealer hasn't dropped their asking price?
—Yes, dealers are incentivized to negotiate and may be willing to offer lower prices even if they haven't officially dropped them.
Which vehicle segments have seen the biggest price declines?
—Full-size Vans have seen a 25% decrease in value, while full-size luxury SUVs and compact cars have also experienced significant declines.
What should dealers do to adapt to the changing market conditions?
—Dealers should manage their inventory, be willing to take losses, and adjust their pricing and negotiation strategies to reflect the current market conditions.
00:00Wholesale used car prices have dropped over 10% in the past 7 weeks.
00:10Full-size Vans have seen a 25% decrease in value.
01:14Other segments, such as full-size luxury SUVs and compact cars, have also experienced significant price declines.
01:45Dealers should be willing to negotiate prices, even if they haven't dropped them yet.
02:52Dealers need to adapt to the changing market conditions and be willing to take losses.
