If you were hoping to find some savings during the COVID-19 pandemic, you won’t find them in the used-car market, but you might be able to make a few bucks if you’re willing to part with a vehicle because used-car prices are spiking due to an unusual confluence of factors during the pandemic.
Buyers are flooding the used-car market, looking for deals amid high prices for new vehicles, low interest rates and a shortage of new-vehicle inventory. COVID-19 restrictions shut down plants for about two months, leading to a decline in new-vehicle inventory and a delay in 2021 models.
“It’s a seller’s market right now,” Ivan Drury, Edmunds’ senior manager of insights said. “Although used vehicles continue to offer significant discounts compared to new, used-car shoppers will find themselves in the unusual position where they might not have as much negotiation power because demand is so high and dealers will be less inclined to be flexible.”
Read the article at USA Today.