Used car prices have increased more than 50% in 2021. Historically, used cars decrease in value. You know the old saying about buying a new car? “The moment you drive off the lot, it’s worth 20% less.” Well, in today’s crazy market, the moment you drive a new car off the dealer’s lot it might actually be worth 20% more, YAA reports!
The ongoing chip shortage and undersupply of new vehicles are driving used car prices higher.
Until new car inventories rebound to pre-pandemic levels, we’ll see elevated used car pricing.
People looking to turn in their leased cars should instead sell them for profit.
The cheapest cars are up 50%.