In June, listing prices for used cars were $10,046 higher than what they would be under normal market conditions, according to a report conducted by CoPilot, an online used car marketplace. The dollar increase marked a 43% uptick compared to projections for this time of year.
The average listing price for used cars jumped to $33,341 in June, up by 0.5% compared to the previous month. Average prices are hovering less than $200 below their peak reached in March.
Prices for both used and new cars have surged over the last year as manufacturers and dealers contend with shortages of key parts and other supply chain woes. Fewer new cars are being produced, prompting increased demand for used cars that has resulted in inventory shortfalls.
Prospective (buyers) are seeking “nearly new” cars, driving prices in that category up to record highs. Vehicles that were one to three years old are listed at an average of $13,145 higher than their normal projected price. The average list price of $42,314 for those vehicles is an all-time record, according to CoPilot.
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