JAN 16 — The used car market in the United States is seeing an unprecedented phenomenon: owners selling vehicles for as much or more than they paid for them.
Given the struggles to get semiconductors from factories in Asia amid the pandemic that has limited new car inventories, rental companies have been hanging on to their fleets, cutting off the usual steady supply of vehicles for the used car market and pushing up prices.“Compared to a year ago, now you buy that same car for US$20,000 instead of US$16,000,” and sell it for US$24,000, said AAG manager Eddy Malikov.
“History tells us the current frenzy in the used car market will come to an end,” the authors said, noting that chip shortages and supply chain problems eventually will be resolved.
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