According to a January 2023 report by CoPilot, a personalized app for car buying, used-car prices fell in December for the sixth consecutive month, dropping 8.8% since January 2022. To give some perspective, this plunge was the largest annual drop the used-car segment has seen since the last month of the Great Recession in June 2009.

But they’ve still got a way to go before buyers are in familiar territory — the average used-car price still rang in at 30.1% higher than a normal market price.

The market is experiencing “more of a slow return to normalcy than what you would call traditionally a decline,” says Joseph Yoon, consumer insights analyst at Edmunds, an online car guide. “The prices are still very, very, very much elevated.”

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