Time To Trade In For Best Value On Your Used Car
- Used car prices have been surging in 2021 – and analysts think the trend might be here to stay.
- Used vehicle prices went up 1.9% in November and 2.5% in October – twice as fast as the cost of new vehicles.
- Part of the reason? Fewer used vehicles heading to market, caused by a lack of new car purchases and fewer rental cars being sent to auction.
Fewer rental cars heading to auction
“Mark Schirmer, director of public relations for Cox Automotive, said the company doesn’t cover the rental car industry per se, but it does keep track of the number of vehicles that rental car companies are sending to Manheim Auctions to be sold off.
“That number is significantly down in 2021, suggesting that rental car companies are holding onto their existing inventory,” Schirmer told ConsumerAffairs. “The vehicles that are arriving for auction have also been higher-mileage models.”
Schirmer says fewer used cars being on sale, and higher mileage on those that are being sold, suggests that the rental car industry is holding onto cars longer because it is harder to purchase new replacements.”
Susan Saunders 12/15/21
