Then they go to the dealers and purchase something brand-new that’s on the lot. Some people take advantage of the price wars by selling their own vehicles or trading them in for a nice profit. However, not everyone is turning to used cehicles. The more people buy used vehicles, the more they drive the prices up for pre-owned ones. Consumers are still looking for vehicles, so they’ve turned to the pre-owned car market to find their next purchase. With more cars absent from the lineup, the car dealerships are dealing with less inventory to sell. Without enough supply, some parts needed for certain cars aren’t getting produced, which means vehicles have to go on a production pause until they can build them. It all boils down to the chip shortage seen amongst many industries, including the automotive arena. Those priced between 10,000 and 20,000 had days’ supply under 37. Dealers closed March with just a 26-day supply of used cars under 10,000. Why has buying become so expensive?ĭealers Are Raking In Profits Buying And Selling Used Cars /qdB9rfdLXV- Jalopnik August 10, 2021 The least expensive cars remain the hardest to find. A pre-owned one is priced at $57,671, which is an increase of 6.4 percent. Kia Telluride is around $3,000 more in the used car market. If you look at a 2018 used vehicles, it was a little over $8,000 less than the 2019 models that were new at the time.įor some vehicles, it would cost more used than what you would buying new.
A lightly used vehicle for a 2020 model averages only $2,000 less than the median price of a brand-new vehicle. Car buying on the pre-owned car lots is becoming more expensive than getting a new one. However, this year, the situation is pretty much reversed. Instead, you are told to consider going to the used car market to find your next vehicle purchase because you could ultimately save thousands of dollars. Before the pandemic, financial experts would encourage you to bypass buying a new car due to its high prices and large depreciation once you drive it off the lot.
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