This is a good sign. Manheim Auto Index shows the same (not sure if Cox and Manheim are connected). However, I am pessimistic about just how long dealers will be willing to stick to the current pricing model. I think even if we see the economic landscape shifting now, it could be upwards of a year before we start seeing meaningful decreases in the Used Car market. Consumer sentiment often does not react as quickly as the underlying economics.
this post was submitted on 10 Jul 2023
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Cox reports on the Mannheim Index so the sources are the same.