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Earlier this February, Tesla Inc upped the price of its popular Model Y series after the government loosened regulations on electric vehicle tax credits that are part of the Inflation Reduction Act. This marked the second time prices were adjusted in two weeks – but that’s not the end of it. About a week ago, Tesla made yet another price revision for the Model Y performance crossover and the rear-wheel drive Model 3 sedan. The Model Y Performance saw a price hike of $1,000 to … Read more

iSeeCars released its study on used car prices in January this year. The report highlighted several interesting points, including used car models that saw the biggest price drops from 2021 to 2022 – some of which were rather surprising. In terms of “year-over-year differences” from 2021 to 2022, the average used car price in December 2022 saw a 3 percent price drop (equal to $1,043) compared to 2021. Contrast this to the September 2022 high of 7.8 percent (an increase of $2,414) compared to the … Read more

While we previously talked about flooded vehicles entering the used car market, repossessed cars are also making a big splash as more Americans struggle to repay their car loans. When the pandemic happened two years ago, car prices surged as manufacturers had to deal with the chip shortage and other issues. Meanwhile, people who were buying cars, new or used, had to tangle with a rise in financing costs: higher car prices meant higher loan amounts. Now, car repossessions are seeing an unexpected rise: the … Read more

Both new and used car prices are beginning to dip gradually in 2023 as fears of a recession and rising interest rates are causing many Americans to stay frugal. Given how low interest rates have, among other reasons, helped with car buying decisions, it will be a while before prices begin to “normalize.” As it stands, prices for used cars are predicted to decline by 20 percent this year. While this does sound good for those looking to buy a car for cheap, it also … Read more