Cars of all types are still more expensive than they were before the pandemic, but the market is starting to show signs of healing.
, the average transaction price for a new car reached $48,000, and new models of all types are still selling for thousands more than before the pandemic. New car inventory has shown signs of improving, but again, we’re talking about incremental changes that will take time to make an impact.
All of this turbulence is terrible news for used car retailers. Carvana’s stock has tanked, leading many to speculate that bankruptcy or another significant move is coming. CarMax is selling fewer cars, reporting almost 15,000 fewer vehicle sales this year compared to 2021. The trickle-down effects of the current market impact several other industries, including
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