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I got dealership access to major actions and routinely check market prices. The prices are down but not as much as everybody thinks. Still not close to pre-covid prices. I think there are 2 major reasons for that:
1. New car sales are way down due to higher rates and the overall economy, so dealers not getting fresh trade-ins, which makes the inventory for used cars very poor and limited. I barely get 5 cars for my preset searches, in contrast back in the day I easily could find 10+ cars. People are holding on to their old cars.
2. Most dealers/traders still live in 2021-2022 hot market mindset. It will take months before they adapt to the new reality.
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