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Published: Apr 09, 2024 3 min read
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Experts predict that used car prices could decline by as much as 14% as the market recovers from supply disruption issues that sent costs soaring.

A new report from CarGurus states that used and new vehicle prices will likely moderate this year and for the next several years. According to the online vehicle marketplace, there's a lot of room for prices to fall if vehicle inventory returns to normal volumes, as expected.

“There’s hope for additional price declines as prices normalize closer to inflation-adjusted levels,” Kevin Roberts, director of industry insights and analytics at CarGurus, said in a release. “We won’t see a return to pre-COVID pricing, but data indicates there is room for average prices to decline by about 14% for used models and 7% for new.”