Used-car trade-in values soar: Used car prices up amid chip shortage

The "shortage is wreaking havoc on new vehicle production, but we’re also seeing surprisingly healthy car shopper demand, which has likely grown stronger in light of vaccines rolling out quicker than anticip… See more

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Used Car Prices Soar As Demand For Limited Inventory Grows, Report …

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Jun 21, 2023 · The $20,000 car is no longer on lots. Used vehicles priced under $20,000 are harder for shoppers to find, according to Edmunds. The share of used cars sold under $20,000 …

foxbusiness.com

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Used Car Prices At Record High, Chip Shortage And High ... - ABC News

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Feb 9, 2022 · Listing prices for used cars in January were up 40% from the same time last year, according to Carfax. The company said the average listing for a used car is currently $28,000 …

go.com

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Used-Car Auction Prices Head Higher Again, Computer Chip

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Sep 29, 2021 · Retail used-vehicle sales at franchised, new-car dealerships and at independent used-car dealerships declined 2.2% in August vs. July, and declined 12.8% for August 2021 …

forbes.com

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Used Car Prices Going Up; Few New Vehicles Due To Chip Shortage

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Jun 17, 2021 · Carriger says used car prices have jumped $2,000 to $3,000 recently. Pinegar says his dealership is looking to bulk up its used car inventory. "We are resorting to buying …

news-leader.com

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Used-car Prices Are Surging, But For Some Models More Than Others

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May 26, 2021 · The following cars have not seen a big run-up in prices, all increasing by less than half of the 17% overall average: Subaru Crosstrek and Impreza, Toyota Prius, Mazda CX-3, …

autoblog.com

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Used-Car Shoppers Are Getting A Break As Prices Fall

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Nov 13, 2023 · Used cars sold for 5.5% less on average over the 12 months ending in the third quarter, with the average transaction price falling to $28,935 from $30,603, auto market data …

investopedia.com

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Affordability Crisis: ‘Alarming’ New Car Prices Push Buyers Toward …

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1 day ago · In the Bay Area last fall, the average used car sold for $30,868, and the average new car sold for $47,940. This year, used car sale prices fell slightly to $30,377 in the Bay Area, …

spokesman.com

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Used Cars For Sale Near North Bergen, NJ Under $5,000

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Browse used vehicles in North Bergen, NJ for sale on Cars.com, with prices under $5,000. Research, browse, save, and share from 406 vehicles in North Bergen, NJ. Opens website in …

cars.com

FAQs about Used-car trade-in values soar: Used car prices up amid chip shortage Coupon?

Are chip shortages affecting used car prices?

Chip shortages have disrupted the market for used cars. That's good for buyers. Used-car prices have been soaring in recent months due to a global chip shortage, which has led to reduced availability of new cars. But there's at least one upside for car shoppers: Trade-in values for your older vehicle are spiking, too. ...

Why have used cars soared in 2023?

Prices on average for used cars dropped 6.4% in the first quarter of 2023 year-over-year, but they remained 44% higher than five years ago. Part of why prices for used cars have soared is because supply can't meet demand. Drivers struggling with high inflation and interest rates seek relief in the used car market. ...

Why have used car prices soared?

Part of why prices for used cars have soared is because supply can't meet demand. Drivers struggling with high inflation and interest rates seek relief in the used car market. However, the usual spigot for used car inventory – lease returns, trade-ins and daily rentals – remains constrained. ...

How does chip production affect used car values?

As chip production isn't easily switched, the miscalculation that auto sales would slump—thus allocating chips away from that industry—ended up dragging new car production to near a standstill right as demand for new vehicles took off. This quickly began impacting used car values. ...

How much does a used car cost?

Listing prices for used cars in January were up 40% from the same time last year, according to Carfax. The company said the average listing for a used car is currently $28,000 – a record high. “Historically you’d think of that as the cost of a new car,” Emilie Voss, director of public relations at Carfax, told ABC News. ...

How much is a used car worth in March?

The average list price for used cars in March reached $21,343, up more than $2,000 from a year earlier, according to Cox Automotive, which owns Kelley Blue Book and Autotrader . The market for certified pre-owned vehicles is red-hot, too. Those sales rose 36% from February to March, reaching an all-time high of 286,061, according to Cox. ...