Used Car Prices Surge 45% Over Past Year – IOTW Report

Used Car Prices Surge 45% Over Past Year

Monday, 25 July 2022, 14:45 MJA Uncategorized 15

FOX: It’s a bad time for consumers looking to buy a used car. 

Prices for used vehicles have skyrocketed over the past two years, with consumers shelling out an average of $10,046 more than they would under normal market conditions, according to a new analysis conducted by CoPilot, an online car-shopping app.

The average listing for a used vehicle climbed to $33,341 in June, a 0.5% increase from the previous month. That is just $200 below a previous peak recorded in March. If depreciation forecasts are accurate, the average price for a used vehicle would actually be around $23,295. 

“Despite economic headwinds caused by inflation, interest rates and fuel prices, the continued inventory shortage in the new market as well as strong consumer demand are driving overall used car prices to near-record highs,” CoPilot wrote in a blog post on its “Return to Normal” index. more here

15 Comments on Used Car Prices Surge 45% Over Past Year

  1. “It’s a bad time.”
    PERIOD.

    When we allow a treasonous cabal to install a Treasonous Retarded Pedophile Usurper – It’s a bad time.
    In a sense, we get what we deserve.

    mortem tyrannis
    izlamo delenda est …

    14

  2. About once a week I get a letter from a dealership wanting to buy my 2019 Toyota Highlander it only has 3500 miles on it and the best offer so far is $5000 more than what I paid for it in 2019!

    2

  3. We are starting to resemble Cuba in more ways than one. The average working man or woman can no longer afford a new vehicle, so in a few years we will see 40 year old Hyundais being patched together with duct tape just so people can get to work.

    Can these idiots finally be convinced that Kenseyian economics does not work?

    7

  5. I also received an offer from a Mercedes dealership who wanted me to trade my 2015 Toyota RAV4, which only has 16,300 miles on it for a Mercedes. There had to be a catch, but no way, thank you very much!!

    1

  9. That’s nothing.

    When they finish outlawing gascars and you can only purchase electric, no one will ever worry about used car prices again because the lack of replacement batteries means no EV will have any resale value whatsoever.

    4

  10. I have a car I rarely drive in the garage. I thought I’d sell it because of the price I could get. I changed my mind after a friend had her RAV4 totalled and had to pay a ridiculous price for a Buick she didn’t want. I’m keeping the garaged car as a spare.

    4

  12. I mentioned this in a recent, related thread, but was just talking about it again with my son a couple nights ago;

    My son and his wife bought a new Camry in 2020 and it cost them $24.500.
    They just sold it a few weeks ago to a dealership who gave them $26,500 for the car. The dealership put it out on their lot for $30,000.

    For people whose vehicles are in the shops for repairs, There’s a major problem with parts delays, also. In my line of work, have never seen anything like this.

    2

  13. My “big ride” ‘grocery getter’ is a 2000
    Toyota Camery. 201,000 miles.I just installed
    new struts myself. I know of 1 Camery with 400,000
    mile on it. There is 1 on Youtube with 1,000,000
    miles. Ice cold air & it will do 130MPH if I need it to.
    3.0 liter with 24 valve 4 cam.Turns 205 HP.F off! DAM electric car greenie weenies…… and NO ! It ain’t for sale.

    1

  14. I have a 2000 4Runner, close to quarter mill miles. I do a lot of the operator maintenance and repairs myself. No, I ain’t selling to nobody.

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