Prices for used cars are soaring so high, so fast, that buyers are being increasingly priced out of the market.
DETROIT — A couple of months ago, a woman paid a visit to Jeff Schrier’s used car lot in Omaha, Nebraska. She was on a tight budget, she said, and was desperate for a vehicle to commute to work.“‘That’s what I get for $7,500? ‘” he recalled her saying. The vehicles had far more age or mileage on them than she had expected for something to replace a car that had been totaled in a crash.
The days when just about anyone with a steady income could wander onto an auto lot and snag a reliable late-model car or buy their kid’s first vehicle for a few thousand dollars have essentially vanished. When a swifter-than-expected economic rebound boosted demand for vehicles, auto plants tried to restore full production. But chip makers couldn’t respond fast enough. And rental car companies and other fleet buyers, unable to acquire new vehicles, stopped off-loading older ones, thereby compounding the shortage of used vehicles.
“What used to be a $5,000 car,” he said, “is now $8,000. What used to be $8,000 is now $11,000 or $12,000.” Used vehicle prices are so high that Karl Hogan of Canonsburg, Pennsylvania, near Pittsburgh, was able last month to quickly sell his 2007 Toyota Tacoma small pickup truck, with more than 170,000 miles on it. Even with the vehicle’s age and mileage, a man from Ohio forked over $6,500 for it.
David Paris, a senior manager at J.D. Power, noted that used vehicle prices are directly tied to the cost of new ones. Though some automakers report that the computer chip supply is gradually improving, prices paid by dealers at used vehicle auctions kept rising through November, Paris said.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Sound the Alarm! These Editor-Loved Knee-High Boots Are on Sale For $29Knee-high boots are having a moment — for good reason! They're chic as hell and can instantly transform a winter outfit from good to great. The thing is,
Lire la suite »
1970 Plymouth AAR 'Cuda from the glory days of Trans Am racing hitting the auction blockA fully restored 1970 Plymouth AAR 'Cuda is heading to the Mecum Kissimmee auction for one lucky buyer to put a Trans Am-inspired street machine in the garage.
Lire la suite »
How the Rapid Demise of Entry-Level Cars has Increased Average Prices | Hacker NoonWhy are manufacturers pushing entry-level cars out of production? Read and find out the reason why average car prices are rising.
Lire la suite »
Kylie Jenner Shows Off Baby Bump in Glowing Pregnancy PhotosKylie Jenner shows off her baby bump in a new set of glowing pregnancy photos
Lire la suite »
Manchin-Connected Coal Plant Tries to Pivot to Crypto, FailsThe main buyer of a dirty coal byproduct sold by one of Sen. Joe Manchin's companies won't be using it to mine bitcoin anytime soon.
Lire la suite »