How did used cars get so expensive? We explain:
Shopping for used cars gave U.S. residents one of the biggest sticker shocks of the pandemic, which created both a surge in demand and shortages of chips and other auto parts that curbed the supply of new cars.
Some people even sold the cars they were not using to commute to work. Consumers braced for tough times. Auto makers also thought demand was going to drop, and canceled some of their orders for chips. See also: ‘It was never going to be easy’: Rivian is at a crossroads as it battles to win back Wall Street
A recent survey by supply-management company Supplyframe, recently acquired by German’s Siemens AG SIE, +3.41%, found that 48% of the more than 1,000 U.S. adults it polled said that lack of inventory led to buying a used car instead of a new one.And not just individual consumers, Roberts said: Car-rental companies, which early in the pandemic “massively reduced the size of their fleet,” needed to replenish their offerings and bought used, which hadn’t been common, he said.
CarGurus’ February pricing and availability data showed that sales demand does seem to be cooling off as prices remain at historic highs and the tax-return season is slightly delayed. The average used-vehicle listing price on the platform is up 54% in February as compared with February 2020.
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