Cars might have been at the top of consumer goods that have become almost unaffordable for many, but even the average used car price now seems too far away from reach for a common person. There has been a significant increase in used car prices in different areas around the country, making the overall average price rise up to $27,500.
The data shown in this article is taken from Black Book, a Hearst company, that has retail listings and sold data. The data covers independent as well as franchise dealers, containing more than 95% of all used cars avai;able for sale out there.
According to that data, the average used car price in Utah has increased by 28%, in Chattanooga by 25%, and in Philadelphia by 27%. Black Book states the average used car price reached and crossed $27,000 in November of this year, making it much higher now according to a month’s difference.
A partial reason the report has stated for the price hike is due to lower supply or lower number of used vehicles listed for sale. The report states, “New inventory is slowly making its way to market, but not at the levels needed to boost used retail listings to the ‘normal’ level,” illustrating the data presented that showed that used car listings are 16% lower currently, than they were at the beginning of the year. The amalgamation of shortage and supply-chain disruptions due to COVID-19 has been a huge influence in the average used car price hike.
The only light before the tunnel at this point is the slow increase in the number of listings and resuming of supply chain that would allow dealers and sellers to bridge the price gap, even if to not bring it back to the previous year. As BB noted in the report, “In Q4 [of 2021], prices on retail listings have steadily increased week after week and the retail listing price index now sits at around 35 percent above where we started the year. The scarcity of both new and used inventory in the market fuels these consistent increases.”
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