U.S. used car prices fell for the first time in six months as gasoline prices soared, while electric vehicle sales rebounded.

The US used car market saw its first month-over-month decline in April since October of last year, impacted by oil prices driven up by the Iraq War, although demand for electric vehicles rebounded. The latest data from Cox Automative, a US automotive distribution and data service, shows that the Mannheim Used Car Price Index, which measures US used car price trends, fell 1.61 TP3T month-over-month in April, but still rose 1.81 TP3T year-over-year. Cox stated that affordability remains a core consideration for consumers when purchasing a car, driving demand for both used cars and electric vehicles in the Mannheim auction market.