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New cars, used cars, and car rentals are more expensive now than last year. In fact, Manheim's Used Vehicle Value Index has increased more than 34 percent since last year. Bloomberg writer Conor Sen thinks this increase contributes significantly to the latest CPI number.
A number of things are visibly responsible for the rising costs of cars. Car manufacturers closed factories during lockdown. Shortages in microchips and components result in less new auto production. Meanwhile, people have more money and demand to buy cars. This means some used models are as expensive as new cars. These forces create the ideal condition for used car prices to go up.
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July 10, 2021 at 03:31AM
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How Rising Used Car Prices Contributed To Inflation : Planet Money : The Indicator from Planet Money - NPR
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