The pandemic has had an effect on the price lots of things, including used cars.
New car production was essentially shut down for nine weeks when the lock down began. The new car shortage has created a huge demand for USED cars, thereby forcing the prices up. It’s simply supply and demand.
Used cars are worth more than ever. According to Edmunds, used cars went up in value by about $2,000 from June to July, and the average value of a used car in July was $14,000. This also means that car dealers are paying top dollar for trade-ins.
Jack and Carolyn talked about this on the Morning Breeze. Listen here: