buying Used car price rises not letting up as predicted, and the peak hasn't come yet
A small victory: Used-car prices slip from dizzy heights
A small victory: Used-car prices slip from dizzy heights (Associated Press) Your browser does not support this video Until the pandemic flattened the economy in March 2020 and shrank the supply of both new and used vehicles, average wholesale used vehicle prices paid by dealers rose only a little every year. Average prices briefly fell in April last year, only to soar over 60% to a peak in May this year, according to data kept by Manheim, a group of auction houses where dealers buy vehicles. Any decline, however slight, would represent welcome relief for buyers.
It remains a poor time to be in the market for a new car. Or a used car. According to an rose to record highs this past September. In turn, that means the prices dealers charge used car buyers also continue to rise.report on the latest data from Cox Automotive on Monday, wholesale
Year-over-year, wholesale prices are up 27% compared to September 2020. From August, September saw prices climb 5.3%. The increases coincide with continued difficulties for automakers to build enough cars to meet people's demands. The , according to the most recent estimates, may not start to stabilize until sometime next year. And only in the first half of 2023 may the industry enter an actual recovery phase. Without enough chips, carmakers will remain stuck as buyers won't be able to find the vehicle they're shopping for. In fact, recent data also shows many buyers are and postpone a car purchase entirely.
How Much Does it Cost to Charge an Electric Car?
When shoppers are considering the purchase or lease of an electric vehicle (EV), one of the first questions they ask is, "how much does it cost to charge?" While it's easy to answer that question for a gas-powered car by looking at its fuel economy and your gas station receipt, it gets a bit more complicated for an electric car. If you're charging from a home charging station, the cost of charging an electric vehicle is based on the vehicle'sIf you're charging from a home charging station, the cost of charging an electric vehicle is based on the vehicle's energy efficiency and the cost of electricity, which can vary greatly depending on where you're charging.
That leaves many people looking to the used car market to score a better deal, or any car at all. But with demand high, prices will continue to climb. Cox Automotive now forecasts used car prices will peak between now and next spring. Experts originally saw a this past summer, but that dip appears to be short-lived.
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How to Buy a Car Right Now, Without Overpaying .
If you’ve driven by a car dealership lately, you’ve seen it with your own eyes: There just aren’t many cars available right now. Continuing effects from the COVID-19 pandemic are pummeling automakers with parts shortages and other production disruptions. As auto plant shutdowns drag on, the number of cars on dealer lots continues to dwindle. At the same time, demand for new cars continues to surge. More shoppers chasing fewer new cars means one thing: Skyrocketing prices for new vehicles. Prices of used cars have risen substantially in turn, as many new car buyers have turned to the pre-owned vehicle market.