The record rise in U.S. carmay finally be over, according to two companies that offer autos online.
Theof used cars declined last month, as per car-buying app CoPilot.
According to a report, used-carhave increased at an annual rate of more than 50% in some instances during the pandemic.
Thereached their peak two weeks after the Christmas holidays but have since dropped by about 1.4%, as indicated by CoPilot’s data.
TrueCar, an online marketplace helping car buyers connect with, also reported a decrease in the cost of new cars. They dropped 2% in January, compared to December, but remained 16% higher than last year.
Some caution is required, added the report, as this isn’t the first time that there’s been an apparent peak.for used cars posted monthly declines last summer but then continued to climb upward.
The autois struggling with supply chain issues. However, some automakers believe that those issues are likely to ease. The shortage of semiconductors is not as bad this quarter as the prior one and should begin to decrease during the second quarter of the year, Co. Chief Executive Officer Mary Barra said on an earnings conference call last week.
The lack of chips slowed back the development of new cars. It’s also affected the market for used cars because buyers who couldn’t afford the most recent model sought an older model instead, which pushedup.
CoPilot also reported a decrease in theof cars at least three years old or less since have increased their inventory. The reduction in this segment is 2.1% from the peak at the beginning of January, whereas four-to-seven-year-old saw about 1%.