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The market conditions in which used cars and trucks appreciated in price and sold like hotcakes last year look to be slowly dissipating.

According to Cars.com data, the average used-car list price hit a 32-month low in March, and used-car inventory is up, particularly among vehicles below $30,000.

McGrath said new-vehicle inventories have yet to reach pre-pandemic levels and that the used car market is tight, in part because fewer leased and rental cars entered that market during the pandemic.

Now the supply of used cars, at least, is back to normal, according to an analysis by Manheim Consulting, which keeps tabs on that market.