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Wednesday, 09 June 2021 22:35

Used Car Prices Have Absolutely Surged

Written by Steven Symes, Motorious
Used Car Prices Have Absolutely Surged Stellantis

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If you’re like most gearheads, you’re always at least casually looking through Facebook Marketplace, Craigslist, eBay and other online car listings even if you don’t intend on buying anything.

And if you’ve been tracking prices while you do that, you already know used cars are incredibly expensive right now.

 

A pair of studies put some cold, hard numbers behind this surge in pricing, confirming what you might already suspect: this isn’t a great time to be shopping for a deal on pretty much any vehicle.

 

After the pandemic and the response of governments and private corporations shutting down production lines all over, it’s been tough for the auto industry to get manufacturing flowing smoothly again. Add to that the demand for new cars surged sooner than predicted, as did the demand for rental vehicles, plus the shortage of computer chips for making new cars, and the market is under intense pressure.

 

Just how intense has it become? According to a new study from CarGurus, over the past year, the average used car price has increased 30.42%. That’s shockingly high, but it’s even more concerning to learn it increased 17.31% in the last 90 days.

 

In other words, this wild rollercoaster ride seems to be getting worse, not better.

 

What kind of used vehicle you want to get will dictate how much extra you’ll need to shell out. The worst increase has been for pickup trucks at 44.31% in the past year and 18.51% in the past 90 days. Second is SUVs at 32.07% for the past year.

 

If you need a reasonably-priced vehicle, your best bet is a wagon, which have only seen a 15.31% increase in their prices over the last year.

 

As for brands, CarGurus shows Ford leads the pack with a 39.36% increase in the past year. Considering the automaker has...


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