The wholesale prices car dealers pay for the used cars they later sell rose by nearly 5% in the first half of November. That likely means the retail prices buyers pay are set to rise again this month.
Used car prices have been on a steady, dramatic increase throughout 2021. At the end of September, the average list price for a used vehicle sat at $26,646 – a 25% increase over just one year. October’s numbers aren’t yet available, but we expect them to show continued increases.
The Manheim Used Vehicle Index follows the prices car dealers pay for used cars at auction, adjusted to account for normal seasonal fluctuations. The index is a product of Kelley Blue Book parent company Cox Automotive.
The index set a new record at November’s mid-point — 234.8, a breathtaking 44.9% increase from November 2020.
The increase came even as the available supply of used cars improved. “Used retail supply is now at normal levels,” Cox Automotive reports.
That should mean that prices could begin to fall. But a continued shortage of new cars for sale, caused by a worldwide microchip shortage, has pushed some new car shoppers into the used car market. That in turn may be keeping prices high.
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November 23, 2021 at 12:30AM
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Wholesale Used Car Prices Jump in First Half of November - Kelley Blue Book
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