The average price of a used car jumped 40% from NOV 2020 to NOV 2021
that’s the other side of the pandemic fear mongering
that’s the other side of the pandemic fear mongering
Used Cars
- Thread starter Bitter Creek
- Start date
From what I have been told by those in the business Carmax is paying ridiculous money on used cars and then turning around and selling them to rental car companies who cannot build back their fleets due to the chip shortage effecting new car production. My daughter has a 2017 F150 crew cab 4x4 with 110k miles on it. CarMax offered her $24,000 for it, that's nuts.
You also have tens of thousands of dollars being given out to families (via the Child care credits, etc) that weren't financially impacted by the Covid crisis. Those types of excess funds generally get spent 3 ways: 1) Vacations - which are restricted/limited due to Covid responses across the country, 2) Debt payoff - But noone is paying off school debt because everyone expects the Dems to just write it off, and 3) Big ticket purchases - Note that Housing and Cars are up 30-40% over the last 12 months, furniture and appliances are up double-digits. This can all be directly tied back to the government writing $3T in checks to juice the demand-side of the economy.
Pro tip. Find a dealer that will sell a new vehicle at MSRP with no market premium. Buy it. Sell your used care in a private sale.
Had our Palisade serviced this morning. There was 1 new vehicle on the lot.
It’s crazy what happens when supply lines get shut down isn’t it
“People don’t understand the supply chain.” Straight from Biden’s mouth. so you don’t know what you’re talking about.
