A person rides a scooter past a used car lot on January 31, 2023 in Los Angeles, California. Prices and sales of used vehicles are falling from pandemic highs amid rising interest rates, increased production of new automobiles and concerns of a recession. (Photo by Mario Tama/Getty Images)
Used cars were one of the biggest contributors to inflation over the past two years. Now, despite steady price declines in recent months, dealerships are hiking their prices once again.
According to Cox Automotive's Manheim Used Vehicle Value Index, prices were up 2.5 percent in January from the month before, even as they remain down 12.8 percent from a year ago.
Cox noted that the increase is due to higher-than-expected demand for the season.
The trend could stem from consumers playing catch-up. In 2022, buyers backed out of the market due to elevated prices and shortage of supply, driving down prices by 15 percent.
The average listing for a used vehicle was $27,143 in December. Just last month, Cox reported the market had returned to its pre-COVID normal. Now that narrative could be in doubt.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
The Russian company said in a statement that the Commerce Department's decision would not affect its ability to sell its cybersecurity products in the U.S.