How has the Coronavirus Affected the Used Car Pricing?


24 Jun
24Jun

The used car industry has increased in pricing, due to the pandemic and global shortage of computer chips.  The car dealerships are paying higher prices to purchase used cars at wholesale inventory which has increased the selling price onto the consumer.

Used vehicle price increases accounted for one-third of the large rise in inflation last month, according to the Labor Department.   The higher priced vehicles include SUV's and trucks.  With the increased pricing, the used car value are selling closer to the manufacturers suggested retail pricing.

Due to the auto factories shutting down, this limited production and inventory. The lack of new vehicles and higher prices has created a demand for used cars. Once the new auto inventory rises, than there could be relief for the used car inventory.

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