Current used car prices are significantly higher than just a few years ago (esp pre pandemic). Demand squeeze, chip shortage, extremely long delivery times for popular new-car models, there's a whole list of reasons why.
Maybe I'm a bit older, but I remember the "30% depreciation from driving out of shop" period, where those who want to save money should just look for a 5-7 year old myvi and buy it for cash. But now that 5-7 year old myvi could cost you up to 50k (mytukar/carsome). In general there seems to be less than 50% depreciation over 7 years.
Is this the new normal, or can we expect used car prices to come down (relative to new car prices, not necessarily in absolute terms) anytime soon?
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Used car price - stuck at this level?