Posted on 02/18/2023 1:33:13 PM PST by CFW
Used car prices have soared, recording the largest February increase in 14 years, according to reports.
The spike in prices comes as inflation continues to drive consumer prices.
Wholesale used-vehicle prices increased 4.1 percent from January through the first half of this month, signifying the largest February increase since 2009’s full-month 4.4 percent gain, according to the mid-month Manheim Used Vehicle Value Index from Cox Automotive.
This comes just a month after markets were hit with a massive rise in used car prices, according to the Manheim Used Vehicle Value Index.
The used vehicle index rose to 234.0, down 7.3 percent from the entire month of February 2022, as seasonal adjustment drove a small part of the gains.
(Excerpt) Read more at slaynews.com ...
AOC wants your cars and your guns.
A rising tide of inflation lifts all boats.
But remember inflation of used cars only affects you if you are in the market.
The inflation rate is different for all of us.
That’s why I just spent $3600 ‘repairing’ my 2014.
And auto manufacturers are cool with that.
They’ve been bought off by Deep State, too.
This is not an inflation it is supply and demand. More people realize they can’t afford a new car due to prices so they are buying used. There is some inflation but that is for everything.
Huh?
This is not an inflation it is supply and demand.
supply and demand
Good I have a trade in if my new car will ever arrive
Got ya beat. Will be spending $4200 to repair my 2011. The alternative was to junk the car & pay inflated prices to replace. I'm old enough to remember new VW Beetles priced at $1999.
I watched a video of a man discussing the used car business. He said there was such high balances owed on the repossessed vehicles, the banks wouldn’t let them go at auction for the usual prices. Bidders would bid, and sellers would “no sale” after no buyer would offer close enough to the amount that was owed on the car.
He said people would buy a car, finance it for seven years, then only make a few payments. Apparently, the usual auto financing companies can’t find enough repo agents to go get the cars that are in default. There are more auto loan defaults right now than anytime since 2009.
I bought a couple of those $2000 VWs and n the 1960s😃
There are still deals to be made on used cars if you can afford to be patient, and pay cash. Two of my grandchildren did just that in the past month.
Inflation is too much money chasing too few goods. We are suffering from the quantitative easing the government has been doing to make the economy look good on their watch. Obama increased the money supply by several hundred percent for zero positive impact on the economy. That was due to the fact he simply took GM away from the actual owners and gave it to “the workers” and others. That kept everyone’s money off the table because there suddenly were no rules. Then came Trump and the economy surged because there was faith the rules had returned. But all that money, plus the Covid QE is hurting us now. Along with inflation we are suffering from mismanagement.
We don’t have to commute any more. Our mileage only increases if we take a roadtrip, and we love to do that. Still, we only fill up every 2-3 if needed. Walk or Uber if we walked too far - LOL!
A brand new 1966 Ford Mustang was $1995. Now you can’t get a nice set of tires and wheels for that.
And just who is going to buy them with inflated lending rates???
https://www.usatoday.com/story/money/cars/2022/12/22/car-prices-drop-2023/10943873002/
As demand stabilizes and inventory improves, prices are expected to ease. Prices could drop up to 5% for new vehicles and 10% to 20% for used vehicles, according to a report in November from the bank J.P. Morgan.
place your bets...............................
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