Used Retail Prices at Franchised Dealers Increased by 0.7% or $195 in March

Used Retail Prices Industry:

• Used retail prices at franchised dealers increased by 0.7% or $195 in March compared to February.
• March’s lift signified the first month of positive price movement since December 2023.
• From a historical perspective retail prices remain strong and only $2,675 below their all-time high recorded in April 2022.
• Through the first three months of the year, used retail prices are 2.5% lower than during the same period in 2023. Retail prices are expected remain favorable though the spring selling season.

Used Retail VS Wholesale

• While used retail prices heated up in March, wholesale prices experienced a  slight 0.2% or $35 decline as dealer activity in the lanes cooled.
• Filing season statistics released by the IRS for the week ending March 29, 2024 showed that while the total number of federal tax returns processed was down 1% relative to the same period in 2023, the average refund amount increased by 4.8% to an average of $3,050.
• Through the first three months of the year, wholesale prices are 10.1% or $1,731 lower than during the same period in 2023. As a result, the used retail versus wholesale price gap is still much larger than during pre-2020.
• In March, the retail to wholesale gap reached an average of  $13,115, as dealers continued to do a great job of acquiring used inventory from sources beyond traditional auctions.