Automakers are starting to ramp up production after more than a year of COVID-19 and supply chain-related kerfuffles, but operations won’t be at 100 percent for some time to come. In turn, used car prices are still climbing.
Data from Car Gurus indicates that the average price of a used car listed on its site has increased 29.6 percent since this time last year, a number which shows no signs of slowing any time soon. In fact, Americans are spending as much as 43.6 percent more on certain vehicles than they were just last year.
It appears that pickup trucks are most affected by the price hike, shooting up in value more than 43.6 percent in the past year. This should come as no surprise given the number of trucks being held from final delivery to dealerships due to incomplete production. Ford Super Duty pickups, for example, fell victim to the chip shortage, with a stockpile quite literally visible from space. Consumers who couldn’t find a new pickup instead turned to used, spending an average of $36,409 per vehicle.
Read the article at The Drive
