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After a very strong few quarters, we are observing a slight decline in used car demand since the beginning of Q3 in July. This, coupled with increased inventory volumes, has manifested itself with three consecutive month-over-month declines in used car prices. On the other hand, although the new car supply is at its highest level since the middle of 2021, it is still trying to catch up with pent-up demand, as we estimate that 1.3M fewer vehicles were sold between 2020 and 2022. Consequently, new car prices are still rising, albeit at a relatively slower pace.

In September 2023, the average price of a used vehicle remained lower compared to August, at $39,155, marking a 4.3% year-over-year rise. Conversely, new vehicle prices reached another new record high at $67,817, reflecting a substantial 19.4% year-over-year increase.

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AutoTrader Price Index September 2023