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Q1 statistics show market hasn’t returned to prepandemic norms.
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February increase biggest gain for month since 2009; used retail sales fall.
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The most recent Consumer Price Index from the U.S. Bureau of Labor Statistics shows a slight but promising decline in used car prices.
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But analysts predict used vehicle prices will remain higher than pre-pandemic prices for years to come.
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Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
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Record high used car prices will deflate. The question is how fast the bubble will burst.
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The average price of a new car hit $45,000 in September and reached $25,000 for the average used car, according to Kelley Blue Book.
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