Used Car Prices Soar to 3-Year High

0:00Used car prices are hitting their highest point in almost three years, folks. The Mannheim used vehicle value index, jumps 6.2% from last year to 215.3% in March, the tops in summer of 2023. Demand stays high, with values up 1.4% just last month, way above normal and 2.3% since the year kicked off. Dealers saw it coming thanks to bigger tax refunds pumping up buyer interest early on. Devices are snapping up inventory fast, pushing sales conversion rates to 68.2%, 4.6 points over the three year, March average. Even used electric vehicles are holding strong, with prices firm and more off-least models flooding auctions for better deals than new ones. Economist at Cox Automotive expect this momentum to carry through summer as more tax returns roll in, but they're eyeing a softer second half with total use sales dipping 1% year over year. No signs yet of Middle East tensions slowing things down.

1:02The economy's showing real grit, keeping those wholesale lanes competitive. That's the story for today. Dallas News Today, Driven by AI, I'm Cory with the Story.