BUSINESS + ECONOMY

Used car prices dropping but supply still low

Jan 31, 2023, 10:30 AM

Insured drivers in Utah....

FILE -- This Nov. 15, 2020 photo shows a long row of unsold used Highlander sports-utility vehicles sits at a Toyota dealership in Englewood, Colo. (AP Photo/David Zalubowski)

(AP Photo/David Zalubowski)

SALT LAKE CITY — Used car prices are finally starting to come down.  While this is good news for consumers, used car dealerships like Carvana are laying off employees. 

The New York Times reported that the company recently reported a quarterly loss of more than $500 million.  Additionally, it laid off 4,000 employees.

Jeff Miller, General Manager and CEO of Mark Miller Subaru, said they planned for this. The company was careful not to buy too much inventory at inflated prices.  They also sell both used and new cars.

Miller said the dealerships that sell only used cars will struggle the most in this market. 

“There will be no layoff’s,” says Miller. He points out that this change is just bringing prices back down to normal.  However, entry-level cars under $15,000 remain the trickiest to find.  

“That’s a very difficult market still.  There’s a high need for it and just no supply,” said Miller. He often recommends leasing a newer car instead.

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Used car prices dropping but supply still low