Why used car prices have soared 26% during the pandemic

Looking for a used car?

Get ready for some sticker shock. The microchip shortage has slowed production of new vehicles, funneling buyers instead to pre-owned cars, trucks and SUVs, and prices have risen significantly as a result.

The inventory of new vehicles in California is down 75%, according to Jessica Caldwell, Edmunds’ executive director of insights, who recently surveyed dealerships across the state.

That shortage has led to price hikes as dealers are charging a premium for the ones they still have on hand, Kelly Blue Book reports.

In August, the average nationwide price for used vehicles rose 26.2% year-over-year, or $6,454, according to iSeeCars.com. Things were worse in July

→ Continue reading at Silicon Valley

More from author

Related posts


Latest posts

The Batman Trailer Image Reveals Different Catwoman Hairstyle

The Batman director Matt Reeves has revealed a new image of Zoë Kravitz’s Catwoman/Selina Kyle ahead of the upcoming trailer for the film. Kravitz...

Hailee Steinfeld Compares Playing Hawkeye's Kate Bishop to Dickinson

Hailee Steinfeld compares playing Kate Bishop in Hawkeye to the young poet in Dickinson. Created by Alena Smith for Apple TV+, the first season...

How Success Happened for Dr. Lauren Hodges and Phil Burton

Opinions expressed by Entrepreneur contributors are their own. The Covid-19 pandemic has dramatically impacted employee well-being: According to McKinsey & Company, mental...