Report: Used Car Prices Record High, Inventory at Historic Low

[mystery-ak]

Report: Used Car Prices Record High, Inventory at Historic Low

Jacob Bliss 8 Oct 2021

Reports show that wholesale used car prices climbed to an all-time high in September even though dealership inventories have historically low inventory given the high demand for second-hand cars in the supply chain.

The Manheim U.S. Used Vehicle Value Index showed that the month-over-month in September increased by 5.3 percent in September, which is the highest rise since April. Over the last year, the index increased by 27.1 percent to 204.8.

Manheim reported that “Over the full four weeks in the month, the Three-Year-Old Index increased a net 4.6 percent,” noting that the market prices were ahead of the Manheim values.

The report also showed that all major markets saw seasonal “adjusted price increases” for September in the year-over-year look. Vans and sport utility vehicles had the most, and no segments saw any amount of decline.

“September total new vehicle sales were down 25 [percent] year-over-year, with the same number of selling days compared to September 2020. Month-over-month, September new vehicle sales were down 7 [percent],” Manheim said.

more
https://www.breitbart.com/economy/2021/10/08/used-car-prices-record-high/

[mystery-ak]

Drove past 2 dealerships last night on the way to dinner...one Toyota had 7 new cars on their lot...the other Chrysler had about the same...

[IsailedawayfromFR]

Car hijackings and theft will soon follow.

In places like SF, it will be called non-violent and not worth a police response.

[DefiantMassRINO]

Brother-in-Law bought new pickup truck.  Not ready for delivery because it's waiting on a chip.

It's too bad the tree hugging, anti-carbon, Climate Change warriors won't allow any chip factories to be built in the US.

[Hoodat]

Brother-in-Law bought new pickup truck.  Not ready for delivery because it's waiting on a chip.

It's too bad the tree hugging, anti-carbon, Climate Change warriors won't allow any chip factories to be built in the US.

KIA plant here in Georgia just shut down production due to lack of parts.

[sneakypete]

You think the prices on certain used cars is through the roof,try pricing diesel pu's.

I could easily sell my 06 GMC 3/4 ton 4x4 extended cab pu for 50 percent more than I paid for it 6 years ago. It was the last year before smog devices were mandatory on them,and it doesn't need the additive you have to run in the new diesels or they quit running.

It has 365 hp and 665 ft lbs of torque. If it were possible,I would almost want to be buried in it. Love,love,LOVE that thing!

I just sold my 2016 Chevy Silverado gasoline powered half-ton crew cab 4x4 for about 4 grand less than I paid for it new,and it has 48k miles on it. Truth to tell,I could have gotten a grand or two more than I paid for it,but I sold it to my ex's sister,who is and has been one of my best friends for 40+ years. She needed a good truck more than I needed the money,so she got it.

Don't weep for me,though. I also got rid of a big truck payment when I sold it. Other than my credit cards that I pay off each month,I am now debt-free. No house payment,no car/truck payment. House has been paid off for years,and is going to remain paid off until the day I die.

Even better,for all practical purposes,there is nothing material in life that I want that I don't already have.

[ironhorsedriver]

The dealership actually contacted me and asked would I sell my truck back to them. For one hell of a price. I just said no, I would have to pay to much for another.

[Gefn]

Weird. There’s a Carvana in my county. And they easily have 200 plus cars on their lot.

(I wouldn’t buy a car from them though. I want to test drive a car before buying it)

[Kamaji]

Looks like I could make about $1k to $2k selling my 5 y.o. VW Passat.  Interesting.