The used car market has been an up-and-down mess since at least 2020, with reduced new car inventory pushing more buyers into pre-owned purchases, which reduced the revolving supply of trade-ins. This perfect storm of pandemic-induced chip-shortage used car inflation appears to finally be subsiding. According to a new report from Edmunds Q2 of 2024 saw used car prices dip nearly 7% across the board, while used EV prices tanked a full 20%. Consumers have more used car options and are typically paying less for them than they were in the same period of 2023.