After rocketing early in the pandemic, the cost of used cars dropped 8.8% year-over-year from December 2021 to December 2022, according to the Consumer Price Index.
The price of used cars in the CPI continued to slide for the sixth straight month, having fallen 2.5% between November and December.
A private index, the Cox Enterprises-owned Manheim Used Vehicle Value Index (MUVVI), has reflected similar declines in the price of used cars. On that index, the price of used cars dropped 1.9% from November to December and dropped 13.1% year-over-year between December 2021 and December 2022, according to a press release from Cox Automotive.