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We Just Got the Biggest Monthly Drop in Used Car Prices Since April 2020

Signs of normalization?

Pre-owned vehicles for sale at a used car dealership in Detroit, Michigan, on Jan. 4. 

Pre-owned vehicles for sale at a used car dealership in Detroit, Michigan, on Jan. 4. 

Photographer: Matthew Hatcher/Bloomberg

Used car prices, a category that’s been a major contributor to elevated inflation readings, have now fallen for two months in a row, according to the latest data from auction house Manheim. In fact, March 2022 saw the biggest sequential drop since the Covid-spurred crash in April 2020.

Of course, prices remain extremely elevated on an annual basis.