Used vehicle prices up as supply sinks, but relief is coming
DETROIT -- A shortage of used vehicles in the U.S. has pushed up prices, and that caused much of September's modest inflation increase.
Auto industry analysts say that when the coronavirus forced factories to shut down, it cut off new-vehicle sales. That caused trade-ins to dry up, creating a used vehicle shortage and driving prices up.
Auto analytics company Black Book says the average used vehicle asking price rose more than 9 per cent from $19,800 in May to $21,600 in September.
But analysts say prices are starting to fall, and it might be wise for buyers to wait a little while for used-vehicle inventories to be replenished.