Buckle In For High Used Car Prices

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It's going to be a long ride...

Here we are at the beginning of August and used car prices are still ridiculously high. In fact, you might have noticed if you’ve been shopping lately that some used vehicles sell for more than the same model brand new. While we’d love to tell everyone the insanity and price inflation is about to go away completely, the reality of the used car market is far more complex. Here’s what some market experts are saying about the situation now.

Edmunds has helped put some hard figures to the pain everyone is feeling when shopping for a used car recently. The automotive site says the average transaction price for a used vehicle in the second quarter of this year was $25,410, a 21% increase over the average from the second quarter of 2020. It’s also the highest average used car price Edmunds has ever recorded.

Jeff Dyke, president of Sonic Automotive, told CNBC in a recent interview that he sees new car inventories improving “over the next few months.” That, in turn, will help with tight used vehicle inventories, which will hopefully result in lower prices.