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Used car prices falling after reaching record highs this year

By FOX 32 News
Updated  December 29, 2022 9:40pm CST
Naperville
FOX 32 Chicago

Used car prices expected to drop in 2023

Used car prices are finally falling after reaching record highs this year. They have dropped about $3,000 from their peak in February.

NAPERVILLE, Ill. - Good news if you're looking for some new wheels heading into 2023.

Used car prices are finally falling after reaching record highs this year.

They have dropped about $3,000 from their peak in February. 

The owner of Woody Buick GMC in Naperville remains skeptical.  

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"Maybe they're going to drop a little bit more. But as the new car vehicles start coming back in, used cars are pivotal, making the new cars go away. So, new car dealers, we need trade-ins. We put our own values on them," said Woody Woodring, owner of Woody Buick GMC.

While sticker prices are lower, interest rates are high right now.

So, borrowing is more expensive and that makes cars pricier as well.