Car prices kept sliding in August — among the most of any major category in the Consumer Price Index (CPI) over the last year — as vehicle prices move toward pre-pandemic levels.
Used car prices fell 1.0% over the prior month in August and 10.4% from the prior year, data from the BLS revealed on Wednesday. New car prices were unchanged in July, but down 1.2% from the prior year.
Compared to their peak in February 2022, prices paid for used vehicles are now down 20.2%. Used car prices rose more than 40% annually in both June and July 2021, and again in January and February 2022. Prices for used cars and trucks are still 16.1% higher than in July 2019.