The cost of used vehicles has soared since the end of last year and prices are likely to stay high for a while. In the past 12 months, used vehicle prices have jumped almost 10% to mark the biggest increase in more than a decade, according to the U.S. consumer price index published on Tuesday.How come? It’s a classic case of low supply and high demand.
At the same time, demand rose for used vehicles as more people avoided public transportation or moved from the cities to the suburbs to escape the coronavirus. Cox Automotive estimated that demand for used vehicles has doubled since last March.
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