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Used-car prices are finally starting to fall from their pandemic peaks, but deals are still far away

A car dealership lot with Ram pickup trucks.

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In today’s topsy-turvy car market, people are shelling out thousands more for used cars than they did just a year ago, with prices jumping more than 10% in June alone.

And although prices appear to have peaked, it’ll be a long while before you’ll be able to pick up a secondhand set of wheels on the cheap, experts say.

Prices are finally dropping

After surging for months, wholesale used-vehicle prices went down between May and June, according to data from Manheim Auctions, the largest wholesale auto auction company. The prices dealers are paying only declined details ⇒

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