Used car prices in the US continue to trend down

They're now down by about 20% from their peak in Jan 2022. Here's the chart:

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The cause of the spike was supply chain problems due to the pandemic. Car manufacturers couldn't get vital parts like semi-conductor chips, which delayed making new cars. So businesses like car hire firms and taxis which would normally buy new cars, turned to the used car market, increasing demand. At the same time, the lack of new cars meant people weren't upgrading and selling their existing cars.

Because the modern economy is so dependant on cars to get people to work, used car prices are a significant component of inflation.

As you can see from the graph, they need to fall a good deal more before they get to their pre-pandemic levels. But the trend is in the right direction.