Despite a decline in demand for used cars compared to the previous year, prices remain unyielding.

• The low supply of new cars is preventing prices on used cars from decreasing.
• The average time consumers spend searching for a used car has increased by 84% to 171 days from 92 days in the past year.

Despite a decline in consumer demand, used-car prices remain elevated.

In March 2021, the average price of used cars less than 10 years old increased by 40% to $33,653, while sales of these cars decreased by 27% compared to the previous month, according to CoPilot, a car shopping app that tracks dealership prices nationwide.

Sales of nearly new cars, those 1 to 3 years old, decreased by 31% in March compared to the previous year, while the average price increased by 37%, according to CoPilot research. Despite the decline in sales, the average price of $41,000 is 37% higher. In the first two months of 2022, prices for this age group dropped by almost 3% before increasing again in March due to continued production challenges for new cars and uncertainty related to the war in Ukraine.

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As a result of the increase in the average time spent searching for a used car, which has increased by 93% from 89 days in March 2021 to 171 days, dealer inventories of 1-3 year old cars have returned to pre-pandemic levels.

According to CoPilot, dealers are facing low supplies of new cars, which may cause prices to remain stable. As a result, many would-be new-car shoppers may opt for a used vehicle instead.

Nearly empty new car lots have led dealers to keep the prices of newer used cars high, according to Pat Ryan, CEO and founder of CoPilot.

In the pre-pandemic era, about 76% of vehicles sold for less than $25,000. Currently, cars in this price range make up only 35% of inventory. On the other hand, those priced above $40,000 now account for 25% of what's available on dealer lots, compared with just 5% in a typical year.

Ryan stated that the high car prices provide an opportunity for consumers to sell their extra car at record-high prices.

He advised used car owners to seize this unique opportunity to sell their vehicle for a profit.