Amid rising inflation, people in the United States are finding that buying a used car is not necessarily a sure way to cut costs, as used car prices have risen 30.4% over the last year.
Online car sales search website iSeeCars.com attributes the rising prices to a microchip shortage plaguing the automotive industry.As of March, used cars were selling for an average of around $8,000 more than they did in the first quarter of 2021.
Connecticut leads used car prices, with an increase of 35.2% compared to last year, while Wyoming had the smallest increase, with prices rising 18.9%. Of the 10 states with the highest increases, seven are coastal states.The average list price for a used car in March was reportedly $27,246, down from a record $28,193 in December.
“The anniversary of the chip shortage — when prices started to skyrocket — is approaching,” Cox Automotive senior economist Charlie Chesbrough said, noting that once the anniversary has passed, year-over-year price comparisons will not look as dramatic. “However, prices will not go negative. Rather they should return to more normal growth trends but from a higher base.”Although the demand for used cars remains high, sales have slowed recently.
More than 1.8 million sales of used cars between 1 and 5 years old in March 2021 and 2022 were analyzed by iSeeCars.com, the website said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Conserving 30 Percent of U.S. Land by 2030 Could WorkAchieving the 30x30 goal, as it is known, requires much more than declaring more national parks
Read more »
Oakland ballot measure asks voters to extend library parcel tax 30 more yearsCity says revenue is needed to keep libraries operating at current levels, expand collections
Read more »
Would you bite into a 30-year-old Twinkie in the name of science?The ancient snack was among the artifacts removed from time capsules to celebrate the anniversary of the Outdoor Classroom at San Jose’s Hacienda Environmental Science Magnet school.
Read more »
Mike Campbell Reunites With Heartbreakers Drummer Stan Lynch For First Tour in 30 Years“He is and an old friend who I love dearly,” Campbell says, “We’ve had the best time reconnecting and we can’t wait to get out there and play music together again”
Read more »