American used car prices climbed even higher as inflation continues to rise, according to a recent report. It appears unlikely that car buyers will get good bargains for used cars or trucks this spring, with wholesale used vehicle prices surging for a third consecutive month in a row in February. Cox Automotive’s Mannheim Used Vehicle Value…
Americans Still Face Used-Car Sticker Shock Despite Dip in Wholesale Prices
December 8, 2022
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auto industryBusiness & MarketsCox AutomotiveeconomyEntertainmentEntertainment NewsinflationManheimUSused cars
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Wholesale prices of used cars declined for the sixth straight month in November, after hitting record levels earlier this year, but retail prices remain stubbornly high as American shoppers face rising interest rates. The Manheim Used Vehicle Value Index, a leading indicator of wholesale used-car prices in the United States, dipped 0.3 from October to…
American Drivers Go Deeper into Debt as Inflation Pushes Car Loans to Record Highs
As vehicle prices rise amid inflationary pressure, Americans buying new cars are taking on higher loans and pushing themselves deeper into debt, according to credit-monitoring company Experian. Both the average loan amount and monthly payments for new and used cars have risen over the recent quarters, the firm said in an Aug. 25 news release….
Electric Vehicles: Not a Deal for You or the Environment
July 27, 2022
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BrightbudgetingElectric VehiclesEV batteriesFuture Planninglithium batteriespersonal financeused cars
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Used cars cost more than ever, but there is an exception to this. Used electric vehicles (EVs) may appear to be a bargain in today’s used car market. A woman in Florida purchased a used 2014 Ford Focus Electric for $11,000. It had 60,000 miles on it. After driving it a few months, lights started…
New Vehicle Supply to Australia Cannot Keep up With Demand
Australia’s peak body for the automotive industry has released new vehicle sales figures for June 2022, which, at 99,974 vehicles sold, show a 9.7 percent decline compared with June 2021. Federal Chamber of Automotive Industries (FCAI) chief executive Tony Weber said in a release on Tuesday that a combination of disrupted manufacturing due to the…
Used Car Prices Surge 39 Percent Over 12 months Through November
January 4, 2022
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Business & Economyeconomyinflationmotor vehiclesPolicies & ImpactsSocial IssuesUSused car pricesused cars
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Used car prices are vaulting to record highs with an average price tag of $29,011 in November, as new vehicle production slows down because of chip shortages and inventories of second-hand cars dwindle in dealerships throughout the country. A used car in the United States costs approximately 39 percent more than what it did a…
Mexico’s Kavak Says New Funds Make It Second-Most Valuable Startup in Latin America
MEXICO CITY—Mexican used-car platform Kavak said it has more than doubled its valuation to $8.7 billion based on its latest funding round, making it the second-most valuable startup in Latin America as it eyes further expansion beyond its home market. Kavak’s chief executive, Carlos Garcia, told Reuters the Mexico City-based firm netted $700 million in…
Global Vehicle Microchip Shortage Still Hurting Dealerships
The global microchip shortage is still greatly impacting both the new and used vehicle markets, with the nation recently seeing some of its highest prices on record. According to data released by Edmunds, a website that tracks vehicle prices, the average transaction price (ATP) for used vehicles during this year’s second quarter increased to $25,410, which marks the highest quarterly used ATP Edmunds has recorded. During the first quarter, the…
Virus Prompts Hike in Used Car Prices
The COVID-19 pandemic has been good news for Australia’s second-hand car market with prices jumping 35 percent last year. Moody’s Analytics says the increase was fuelled by limited supplies of new vehicles, fewer trade-ins and increased demand. “Australian used-vehicle prices experienced a year unlike any before,” it said in its analysis released on January 18….
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