Used Car Prices are CRASHING – Here Are the 10 Biggest Crashes

As the pandemic of 2020 unfolded, it became clear that life would never be the same again. While the extent of the pandemic’s impact on different aspects of life was uncertain at the time, in hindsight, we can begin to appreciate its far-reaching effects. One of the areas that were significantly affected was the automotive market.

The supply shortages that impacted almost every supply chain imaginable seemed hit the automotive industry hard. Over the past couple of years, the value of just about every car, both new and used, has skyrocketed in price. However, now that things are beginning to settle back down and the pandemic seems to be in the rearview, we would expect these crazy car prices to begin to return to something that resembles pre-pandemic normalcy.

Although there hasn’t been a widespread crash in the automotive market as a whole, some models have crashed down to earth. While the market is not the same as it was, the trickle is a step in the right direction because until recently, every car one could purchase was appreciating in value! Using data, the crew at The Fast Lane Car took a look at which cars have come down the most in price from September 2022 through February 2023. In addition, we find that used car prices are generally trending downward, losing about 5% of their overall value in the past six months alone.

Despite the downward trend in prices, some vehicles’ prices are still heading skyward, though. Interestingly, among the nameplates trending up, we find a variety of luxury cars. Usually, luxury machines are known as some of the fastest-depreciating things on four wheels. Still, in this economy, while buyers have been met with some relief in recent months, anything is possible, and the status quo has been flipped on its head.

Below, the crew at The Fast Lane Car breaks down the situation in detail and attempts to get a grip on where the market might be going.