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#9 Why we still have vehicle shortages, new and used car price predictions, when we’ll get back to normal & that time CDG bought 50 Chevys at auction | Jonathan Smoke, Chief Economist, Cox Automotive
Car Dealership Guy Podcast
The Future of the Used Car Market
We had an incredible run-up in use vehicle values that started in the second half of 2020 really reached its peak at the end of 2021. Retail is slowly crawling its way up towards 20 million again, but it's one that we really don't think the next two years are going to create the opportunities for that. I would say we were very close to being within the natural sort of equilibrium, meaning the market normally corrects itself when you have periods of time that use vehicle values run-up or new vehicle value run-up. We're basically going to be back into a rhythm where depreciation is pretty normal, if not slightly below normal"
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