Monday, August 2

car buying

Auto Industry, car buying, car dealerships, Economy, Transportation, Used cars

Auto dealers say today’s red-hot market is a’bizarro world’ unlike anything they’ve ever seen — with cars selling before they hit the lot and clunkers worth more than ever

The pandemic has thrown the market for new and used cars totally out of whack. Cars are flying off of lots as quickly as manufacturers can produce them, and prices are sky-high. The buying frenzy has people pouncing on cars they never would have considered before. LoadingSomething is loading. Cameron Johnson, a fourth-generation car dealer w...
Auto Industry, car buying, chip shortage, Economy, Transportation, Used cars

Why used cars are so expensive now — and when prices may drop

Used-car prices have skyrocketed over the last year. A supply crunch in new cars is spurring demand for used models. Prices may not return to normal for at least a year, one expert told Insider. See more stories on Insider's business page. If you're looking to get a sweet deal on a used car to take advantage of the warm summer weather, it's not going to happen. The market for secondhand cars is absurdly and unprecedentedly hot right now. Used vehicles went for a whopping 40% more in June than they did before the pandemic in February of 2020, according to data from JPMorgan. The average nine-year-old car changed hands for $13,250...