FI showroom red and grey logo
MenuMENU
SearchSEARCH

Used-Car Prices Tick Down in 2022

Steep decline signals return to new normalcy.

January 10, 2023
Used-Car Prices Tick Down in 2022

Cox says prepandemic levels will likely never return but that all indicators point to equilibrium this year.

IMAGE: Getty Images/welcomia

1 min to read


Used-car sale prices fell last year as they receded from the lofty highs reached during the pandemic, Cox Automotive reported, showing that its Manheim Used Vehicle Value Index dropped 15% to 219.3, or an unadjusted 13% decrease.

Cox said it was the biggest annual decline in the series’ history, but it emphasized context puts the drop into perspective: The market is readjusting toward normalcy.

Ad Loading...

“It’s undeniable that 2022 culminates with unprecedented declines in the MUVVI, but it’s important to look at the bigger picture,” said Cox Automotive Chief Economist Jonathan Smoke in a press release.

“These last three years have been extremely volatile for the market, and these declines follow record increases. In December 2021, we were up 47% year over year. The pre-pandemic levels will likely never return, but all indicators point to reaching equilibrium in the second half of 2023.”

Cox said steep drops in wholesale auction prices come at the end of three volatile years and followed 2021’s record increases. Its forecast for 2023 shows equilibrium in the used-vehicle market, with slight new-sale increases and record retail and wholesale electric-vehicle sales.

DIG DEEPER: Used Vehicle Prices Drop as Other Costs Remain High

Originally posted on Auto Dealer Today

More Auto Finance

Photo of a loan contract on a desk
Auto Financeby Hannah MitchellMay 13, 2026

Auto Lenders, Consumers on a Tightrope

April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.

Read More →
black background with orange text saying Alec Hagey Toyota Financial Services President and CEO effective April 6 with picture of Alec Hagey
Auto Financeby Lauren LawrenceApril 6, 2026

Toyota Financial Services President Replaced

Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.

Read More →
Photo of person grabbing stacks of cash from a surface
Auto Financeby Gil Van OverMarch 30, 2026

Permission or Approval: When to Notify Finance Sources

Credit card down payments, multiple vehicle purchases and even straw purchases can be completed without committing bank fraud, as long as you tell the bank first.

Read More →
Ad Loading...
Three people's hands on desk as one signs a document
Auto Financeby Hannah MitchellMarch 11, 2026

At-Risk Auto Borrowers Drive Looser Credit Access

Cox Automotive’s index shows the subprime segment, long loan terms, negative-equity borrowers and down payment amounts all grew in February despite ever-higher vehicle prices.

Read More →
Auto Financeby Lauren LawrenceFebruary 23, 2026

Auto Loan Forecast Bucks Market Trend

Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.

Read More →
Auto Financeby Hannah MitchellFebruary 11, 2026

Auto Credit More Plentiful

Growing access shows greater lender appetite for risk as consumers take on heavier debt burden in an inflated market.

Read More →
Ad Loading...
Auto Financeby Hannah MitchellJanuary 27, 2026

Auto Loans Long as Stretch Limos

More consumers, faced with ever-rising car prices, are adapting by agreeing to longer loan terms despite the cost of added interest payments.

Read More →
A person holds a stack of cash with a small red toy car on top.
Auto Financeby StaffJanuary 20, 2026

AutoPayPlus Launches RePayPlus

The reinsured biweekly payment program offers auto dealers with customer retention and reinsurance structure.

Read More →
Auto Financeby Hannah MitchellJanuary 12, 2026

Auto Credit Access Loosens

December brought some of the best borrowing availability for consumers in years, though lenders tightened their reins on riskier segments of the market.

Read More →
Ad Loading...
A hand holding small burlap money bags next to a toy red car, symbolizing auto financing, loan payments, and dealership profitability.
Auto Financeby StaffNovember 14, 2025

Report Uncovers $4.7B Opportunity for Auto Dealers

Solving mismatched payment quotes can boost sales, profits

Read More →