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Used vehicle prices fell last month for the first time in 2023


A used car dealership is seen in Annapolis, Maryland on May 27, 2021, as many car dealerships across the country are running low on new vehicles as a computer chip shortage has caused production at many vehicle manufactures to nearly stop.Jim Watson | AFP | Getty ImagesDETROIT – Wholesale used vehicle prices declined last month for the first time this year, as automakers increase production of new cars and trucks.Cox Automotive reported Friday a 3% decline from March to April in its Manheim Used Vehicle Value Index, although levels remain elevated compared with historical figures.The index, which tracks vehicles sold at its U.S. wholesale auctions, is still up 5.2% from December but is down 4.4% from April 2022.”We’ve experienced eight straight months of year-over-year declines, averaging 8.3%, and it’s likely not over yet,” Chris Frey, Cox senior manager of economic and industry insights, said in a release.Used vehicle prices have been elevated since the start o …

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