Probably you have heard through your friends, work colleagues, or even in the news about how the used car prices are increasing drastically in the world. This Used Car Prices Increase is a phenomenon that has been happening for some months now, and the US is not the exception.
The US Consumer Price Index is greatly influenced by how the price of cars behaves, and during the past months, the heavy used cars inflation has led to high increases in the CPI. More specifically, the average used car price shot up to 30% when comparing prices of May 2021 versus that of the same month in 2020. This Used Car Price Increase eventually led the total CPI to rise up to 5% in May.
There are some reasons that economists have put together to explain this soaring price increase, but the more relevant is that there is a drastic computer chip shortage for new cars. Demand for cars is climbing, and there are not many new cars out there to satisfy consumer needs. So, second-hand and used cars have become very attractive.
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The used car market has been quite the roller coaster ride as is follows along with the economy. Supply chain disruptions have halted new car production, and the demand for used vehicles has never been higher. As car inventories struggle to stay high, the used market is soaring. Since the used vehicle market is strong right now, it could be time to sell that extra car you had. With rising interest rates and high prices, consumers are less interested in purchasing new vehicles.