Why Are Used Vehicle Prices Going Up?

Posted Wednesday, July 26, 2023

For the past three years, used vehicle pricing has soared as demand rose with the market. Since the peak in 2022, prices have flatlined, and in some cases, rose an additional 5% on average per Consumer Reports’ data from June of this year.

Why is that? Simple: supply and demand. As consumers continue to hold onto their vehicles they purchased in the 2021 & 2022 years, rates have risen while supply has shortened. What does this mean for the future buyer? 

The takeaway: do your research on the market trends and how pricing fluctuates. Here at Chillicothe, we update our prices daily to ensure it is at, or below, market value for our customers to ensure we meet fair criteria.

Want to learn more about pricing? Give us a call today at (740)-255-5200.