Experts say some used car prices soared 30% amid inflation, now may be great time to trade it in
If you’re driving a used car, then you might want to get a quote on it. Used car prices have soared with some being valued up to 30% more than usual thanks partially to inflation and the supply and demand crisis that has caused what could be an 18-year high in the auto industry.
This is also caused by some pandemic delays where microchips needed for new technology weren’t available for the new cars, so some customers had to settle for a used car if they were in need at the time. Reports say there is perhaps half the available new cars that were available before the pandemic, so the numbers are a lot lower than before with some of the highest demand and dwindling supply.
Brad Sowers, President and Owner of Jim Butler Group, said in his 18 years in the industry, he’s never seen anything like it.
“I’ve never seen an increase like this,” Sower said. “That, coupled with the demand, it’s just unlike anything before.”
“We’re experiencing the highest demand we’ve ever had for vehicles,” Sowers said. “If we could have the vehicles, we could sell three times the number of vehicles that we have.”
Because of the shortage of new vehicles, many people have gravitated toward used cars, Sowers said.
“These values are going to remain pretty high and I don’t see a big drop off in values,” he said. (KMOV)
The report continued to say some cars are selling NOW for the same value they sold for two years ago.
I looked up my car, which was valued at around $20k about 2-3 years ago. When I checked it NOW, with 87,000+ miles on it, the value on Carvana was STILL in the $20-21,000 range.
Keep in mind December is a good month to pick up a new car because some salesmen might have a quote they’re trying to reach before the end of the year.
This is the type of thing that pandemic + inflation could lead to.
This was covered months ago as well, but now it seems the prices are even better for anyone selling their car.
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