Used Car Prices Waver but Sales Up Going Into Spring

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Used Car Prices Waver but Sales Up Going Into Spring

Used car prices are down compared to previous months, but they’re still up compared with historical trends.

Used car market sees rising demand and falling supply.

Table of Contents

Is March the Month to Sell Your Car


  • Used Car Prices are higher than they were in 2021.
  • New cars are too expensive for many buyers. 


  • Prices are lower than they were this summer.
  • If you wait too long, manufacturers may discount new car prices.

Used Car Prices Don’t Tell the Full Story

I don’t think many experts would say the car market is thriving right now, but we have seen an increase in both new and used car sales in the last month or so. And used car prices are down compared to previous months, but they’re still up compared with historical trends.

On the Carmigo Marketplace, we’ve seen initial offers and buyer expectations come closer together than they have been since before the used car bubble burst, which feels like a good omen for used car prices and sales going into March. 

The used vehicle value index is a good predictor of used car prices

Used Car Index and Sales Are Up

Cox Automotive data show that used vehicle sales are up over last month and last January, putting a period on a months-long decline in the number of used cars sold. 

At the same time, the closing February Manheim Used Car Index is up about 10 points over January. That’s not a direct corollary to how much money you can sell a car for, but a very good measure of the current used car market. 

January saw 2.8 million used cars sold, and used car prices went up 4.1% in the first half of February. Any price increase in February is unusual so this increase is rather notable, since February is a historically stable month for used car sales

Supply Is Down

Increased sales mean there are now fewer used cars to go around. This could be a good sign for used car prices in the coming months, especially for more popular models. The number of used cars for sale is about as low as it’s been in the last five years. At 2.2 million used cars, the available inventory is similar to April, November 2021 and June 2020. 

At 48 days, the used car days of supply is about as low as it was at any point last year. Days of supply is simply how many days the current level of inventory would last under current demand.

Used Car Prices Were Slightly Down

Used car prices were down slightly this winter. The average used car asking price was about $700 lower at the end of January compared to the end of December.

But, at $26,510, the current average used car price is still much higher than the $19,000 average price in 2016 or the $22,000 average in 2020. 

A lot of consumers are going into the selling process expecting higher prices because the market was so inflated in 2022. But even after months of falling prices, sellers can expect to make more for a used car now than in any other year besides 2022.

New Prices and Supply Still Rising

As used car prices fall, new car prices are still astronomical after setting an all-time high last month. 

And even still, Cox Automotive is projecting a total of 1.1 million new cars sold in February. 

This increase, after a stagnant January, could be because manufacturers are beginning to introduce pricing incentives. But incentives are still minuscule compared with previous years. 

In January, industry-wide new car pricing incentives were 2.8% of average transaction prices (up .1% over December). But in January 2021, before the new car shortage, incentives averaged nearly 9% of average transaction prices.  

The used car market will likely see increased activity (and possibly higher prices) if increasing prices and low incentives for new cars continue.

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Gas Prices Are up a Little, but Lower Than Last Month

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Gas Prices Are up a Little, but Lower Than Last Month

Gas prices went up to $3.37 on Wednesday, two cents higher than Tuesday's gas prices but two cents lower than a week before.

Gas Prices Stay Steady

Average gas prices went up to $3.37 on Wednesday, two cents higher than gas prices on Tuesday but two cents lower than a week before. 

This can be attributed to increased demand, in large part — especially since oil prices have remained low.

Last week, supply did not keep up with rising demand, leading to the slight increase in gas prices. 

“Another reason is that the seasonal switch to summer blend gasoline is underway, which may account for this bounce in pump prices,” said Andrew Gross, AAA spokesperson, “This blend is designed to lower emissions during the summer and is more expensive to refine. Switching to summer blend usually adds about five to ten cents to the price of gasoline.”  

Demand jumped by 220,000 barrels last week while totally supply dropped by nearly 1 million barrels.

But even up two cents, the average price for a gallon of gas is cents under last month and nearly 30 cents less than last year.


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5 Easy Soups To Make This Month

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5 Easy Soups To Make This Month

Depending on where you live– it's either pretty chilly or you're right in the middle of faux spring. Either way, a souper easy recipe is always a good call. We rounded up our five fave soups to try.
These soups are not only tasty, they also can be done in about 30 mins. We love an easy process 'round here.
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Table of Contents

Photo & Full Recipe:
  • Put in all ingredients except peanut butter into your Instant Pot and set your cooker to High Pressure for 10 minutes. I used a frozen block of chicken thighs which took about 15 minutes, so just adjust cooking time based on what cut of meat you’re using.
  • Allow it to release pressure naturally and open the lid carefully.
  • Mix in the peanut butter a little at a time. Taste with each addition as your reward for cooking. Taste the peanut butter too, make sure it’s good stuff.
  • Serve hot and enjoy!

African Peanut Soup

“There is absolutely nothing better than this African Peanut Soup when you need an easy dinner idea! It’s nutty, delicious, and is the perfect comfort food!”

Prep Time: 10 mins
Cook Time: 20 mins
6 Servings

1 cup Onionchopped

2 tbsp Garlicminced

1 tbsp Minced Gingerminced

1 tsp Kosher Salt

1/2 tsp Ground Cumin

1/2 tsp Ground Coriander

1/2 tsp Ground Black Pepper

1/2 tsp Ground Cinnamon

1/8 tsp Ground Cloves

1 tbsp Tomato Paste

1 pound boneless skinless chicken ( breasts or thighs) cut into large chunks

3-4 cups Swiss chardchopped (or other leafy greens of your choice)

1 cup Frozen Mixed Vegetables

1/2-1 cup Water

For Finishing:

1/3-1/2 cup Crunchy Peanut Butter

Photo & Full Recipe:
  • Mix 3 1/2 cups chicken stock, ginger, garlic salt and pepper in a saucepan over medium-high heat. Stir cornstarch into the remaining 1/2 cup chicken stock and set aside.
  • In a small bowl, whisk 2 eggs. Set aside.
  • When seasoned chicken stock comes to a boil, add in cornstarch mixture. Stir. Add sliced green onions.
  • Bring broth to a rolling boil. Once achieved, stir broth with a non-slotted spoon in one direction. While stirring, slowly pour in eggs. Eggs will cook as soon as they hit the broth. Top with extra green onions, if desired.

Homemade Egg Drop Soup

“This Homemade Egg Drop Soup Recipe is just like your favorite Chinese takeout soup. With just a few simple ingredients and about 10 minutes, you can have warm and comforting egg drop soup at home.”
Prep Time: 5 mins
Cook Time: 10 mins
4 Servings

2 Eggs

4 cups chicken stock

1 tbsp cornstarch

1 tsp ground ginger

¼ tsp garlic salt

⅛ tsp Black Pepper

3 scallions, sliced

For Garnishing:

Extra scallions

Photo & Full Recipe:
  • Turn on the saute function on your Instant Pot and add olive oil. Add in the onion and garlic. Cook until the onions are soft, about 5 minutes. Turn off the saute setting.
  • Add in the chicken broth, water, potatoes, corn, guascas or oregano, cilantro, spring onions, salt and pepper, chicken breast (placed on top).
  • Close the lid and turn the valve to sealing. Turn on the the soup setting and cook (30 minutes). Once finished cooking allow to depressurize. Switch the valve to venting to allow it to finish depressurizing, carefully open the Instant Pot.
  • Remove the chicken breast, shred with a couple of forks, then return to the stew and gently mix in.
  • Serve this Instant Pot Colombian Chicken Potato and Corn stew, garnish with your choice of avocado slices, fresh cilantro, lime wedges, capers and sour cream if desired.

Colombian Chicken Corn and Potato Stew

“Serve this with a bowl of rice on the side, avocado slices, capers if you’d like, cilantro, plus a squeeze of lime, and a few warmed tortillas to seriously enjoy this stew.”

Prep Time: 15 mins
Cook Time: 30 mins
4-6 Servings

2 tbsp olive oil

1 large yellow onion, diced

4 – 5 cloves garlic, minced

1 tbsp coarse salt

1 tbsp freshly ground pepper

4 cups chicken stock

1 1/2 cups water

2 pounds mixed Idaho Potatoes (such as baby Dutch yellow potatoes & baby reds), cut into bite-size chunks or left whole if small enough

2 to 3 ears fresh corn, cut into quarters, or 1 1/2 cups frozen corn kernels

1 bunch cilantro, with stems, finely chopped

1 bunch spring onions, diced

2 tbsp dried guascas or oregano

2 – 3 pounds boneless, skinless, chicken breasts (left whole)

For Garnishing:

Avocado slices

Mexican crema or sour cream


Lime wedges


Photo & Full Recipe:
  1. In a 6-qt. stockpot, heat oil over medium heat. Add carrots, onion and garlic; saute until carrots are tender, 4-5 minutes.
  2. Stir in orzo, chicken and broth; bring to a boil. Reduce heat; simmer, uncovered, 5 minutes. Stir in peas, spinach and dill; return to a boil. Reduce heat; simmer, uncovered, until orzo is tender, 3-4 minutes. Stir in lemon juice. If desired, top each serving with coarsely ground pepper.

Dill Chicken Soup

“I could eat soup for every meal of the day, all year long. I particularly like dill and spinach—they add a brightness to this light and healthy soup.” —Robin Haas, Jamaica Plain, Massachusetts
Prep Time: 10 mins
Cook Time: 20 mins
6 Servings

1 tbsp canola oil

2 medium carrots, chopped

1 small onion, coarsely chopped

2 garlic cloves, minced

1/2 cup uncooked whole wheat orzo pasta

1-1/2 cups coarsely shredded rotisserie chicken

6 cups reduced-sodium chicken broth

1-1/2 cups frozen peas (about 6 ounces)

8 ounces fresh baby spinach (about 10 cups)

2 tbsp chopped fresh dill or 1 tablespoon dill weed

2 tsp lemon juice

For Garnishing:

Coarsely ground pepper, optional

Photo & Full Recipe:
  1. In a 6-qt. stockpot, bring broth to a boil. Carefully drop sausage by heaping teaspoonfuls into boiling broth. Add tortellini, tomatoes and Italian seasoning; return to a boil.
  2. Reduce heat; simmer, uncovered, 8-10 minutes or until sausage is cooked through and pasta is tender. Stir in spinach until wilted

Spicy Sausage Soup with Tortellini

“This soup is such a family treasure, both my daughters asked for the recipe when they moved out on their own. I cook the tortellini separately, but you can let it plump up in the soup broth, too.” —Cynthia Krakowiak, Langhorne, Pennsylvania
Prep Time: 10 mins
Cook Time: 20 mins
8 Servings

2 cartons (32 ounces each) chicken broth

1 pound bulk hot or mild Italian sausage

1 package (9 ounces) refrigerated cheese tortellini

1 can (14-1/2 ounces) fire-roasted or Italian diced tomatoes

1 tsp Italian seasoning

3 cups fresh spinach, thinly sliced

Leave a comment below and let us know if you try any of these delicious recipes and how they turn out! Oh, and now that you have all this time on your hands, we've got oooone more easy recipe you can try:

  1. Fill out a few details about your car
  2. Take pics using our virtual inspection tool
  3. Set your asking price. You’ll only pay a $350 fee if we meet or beat this price. 
  4. List your car to our nationwide network of dealers and receive multiple offers in one day.
  5. Sit back and relax. Once your car is sold, we handle the rest.

Easy 10-Min Car Selling Recipe

“Sold my vehicle for asking price within three hours of being posted!” –Trenton W.

Listing Time: 10 mins
Sell Time: 1 day
Offers: Multiple

Your Smart Phone

Your Car

Seriously, that’s it. We do all the paperwork & money stuff