There’s no denying it now. The used car market, once a seller’s paradise with sky-high prices, now seems to be changing lanes. After a period of soaring prices, recent data now suggests a shift. Prices have not only peaked but also seem to be on a steady decline, with several data points proving that this scenario is more of a trend than a blip.
According to automotive data firm iSeeCars, used car prices have been on a downward trajectory for several months now, with electric vehicles being especially hard hit. In some cases, EV prices have plummeted by as much as 30% year-over-year.
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