Used Cars at High, High Prices!

If you’re looking to drop some coin on a car this spring, expect a bumpy road ahead. We know that new cars come with hefty sticker prices but now used cars are following the trend.

Here’s Five Fast Facts on Rising Used Car Prices:

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1. 🚗 How High? - In February of this year used car prices were 30% higher than they were in February 2020. Weirder still, prices had just started to trend downward at the end of 2022 and then made a quick turnaround. 
2. 🚘 What Happened? - Over the past few years, the high-pricing culprit was supply and demand from supply chain issues. Now it’s inflation…. because of course it is.
3. 🚙 Why Now? - Wholesale prices are on the rise, too, which means dealers are paying more for used cars and passing the pricing on to us.
4. 🫵 Anyone Else? - It’s also our fault. There was an upturn in used car sales so the dealers raised prices accordingly. Again, supply and demand at work. 
5. 💸 Will Drop Again? - Not any time soon. Shoppers tend to buy cars in the spring thanks to their tax returns. And, well, it’s spring now… 

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🔥Bottom line: Last year we warned you to wait until 2024 to even think about buying a car. Did you listen? Noooooo! Constant price fluctuation like this is one of the many reasons why. And yes, there are some people who need a new car, but if a purchase can wait it should. If it’s still bad in 2024, you can make fun of me.

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Are you going to buy a used car any time soon?

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