Used car prices are starting to edge down after soaring for years after the pandemic hit, and while the trend is a much-welcomed relief for buyers, it is also causing trouble for some consumers who purchased their vehicles at higher prices. Edmunds' latest used vehicle report found a growing number of Americans are upside down on their auto loans as used prices decline, and the average amount consumers are underwater is at an all-time high.
Now, the average amount consumers owe on upside down loans is at a record high of $6,064, up from $5,347 in fourth-quarter 2023 and $4,143 in 2021, the data found. "A storm is brewing in the used market as incentives and inventory continue to trickle back into the new vehicle market," said Ivan Drury, Edmunds' director of insights.
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