The Average Used Car Price Is Now More Than $27,500

Date

The Average Used Car Price Is Now More Than $27,500

We have all heard about prices rising for groceries and new cars, but don’t think used cars have been left out of the race. Whether it’s a 27 percent rise in the Philadelphia area, almost 28 percent in Utah or a 25 percent increase in Chattanooga, the numbers are going up. Analysis of retail listings and sold data done by Black Book, a Hearst company, found that the average sold price for a used car crossed $27,000 in early November and currently sits at just over $27,500. Black Book’s data covers both franchise and independent dealers and contains more than 95 percent of all available used vehicles for sale.

Prices are climbing, in part, because supply is lower than it could be. One reason there are fewer used cars available to buy is because dealers often get these used vehicles to sell by taking them in as trade for a new vehicle. With new cars also in short supply (you know, the chip shortagesupply-chain disruptions, and COVID-19), people aren’t trading in as much these days. Black Book says that the number of used retail listings here at the end of 2021 sits at around 16 percent lower than the level where it was at the beginning of the year. “New inventory is slowly making its way to market, but not at the levels needed to boost used retail listings to the ‘normal’ level,” Black Book said in a recent report on automotive wholesale prices.

For the full story, check out this article from Car And Driver.

Link To Article

More
News