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Used Car Prices Have Peaked; Get Ready for Deals in 2023

Good news for those who are considering purchasing a used car or truck. Since 2020, used car prices have skyrocketed as new cars become increasingly scarce. But that trend seems to have finally eased. Used car prices have peaked, with prices falling by up to 20% in his 2023, according to new data from investment firm JP Morgan.

Used car prices are falling in 2023

Used car prices set to fall in 2023 | Getty Images

A new report from JP Morgan says the used car market has cooled and is showing “signs of normalization.” Used-car prices are falling, and the index used to track prices at wholesale used-car auctions hit a high in January and has fallen about 15% since then. The company expects used car prices to fall by 10% to 20% in 2023 as more new cars are built.