Why used cars are so expensive now — and when prices may drop

Cars sit outside a used car dealership with spray paint on the windows advertising the vehicles.

Summary List Placement

If you’re looking to get a sweet deal on a used car to take advantage of the warm summer weather, it’s not going to happen.

The market for secondhand cars is absurdly and unprecedentedly hot right now. Used vehicles went for a whopping 40% more in June than they did before the pandemic in February of 2020, according to data from JPMorgan.

The average nine-year-old car changed hands for $13,250 in June, according to automotive research site Edmunds. That’s a 30% hike over the same month in 2020, while a five-year-old vehicle will run you a staggering details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: BusinessInsider.Com