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Consumer Price Index: Difference between revisions
→6. Car Prices
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===6. Car Prices=== | ===6. Car Prices=== | ||
*Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 4.3% in February from January. This was the largest increase for the full month of February since 2009’s 4.4% rise | *Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) increased 4.3% in February from January. This was the largest increase for the full month of February since 2009’s 4.4% rise. <ref>https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html</ref> This recent increase could create upward pressure on inflation short term. | ||
*The Manheim Used Vehicle Value Index (MUVVI) rose to 234.5, down 7.0% from a year ago. | *The Manheim Used Vehicle Value Index (MUVVI) rose to 234.5, down 7.0% from a year ago. | ||
*The average new car in America sold for $48,763 in February – a decline of 1.4% from January’s figure. It’s still 5.3% higher than a year ago. But it’s the third straight month of decreases – a sustained price drop.<ref>https://www.kbb.com/car-news/average-new-car-price-falling-incentives-making-a-comeback/</ref> | |||
*JPM research expects prices to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars in 2023.<ref>https://www.jpmorgan.com/insights/research/when-will-car-prices-drop#:~:text=Average%20prices%20were%20up%2042.5,to%2020%25%20for%20used%20cars.</ref> | *JPM research expects prices to decline by 2.5% to 5% for new cars and by 10% to 20% for used cars in 2023.<ref>https://www.jpmorgan.com/insights/research/when-will-car-prices-drop#:~:text=Average%20prices%20were%20up%2042.5,to%2020%25%20for%20used%20cars.</ref> | ||