The cost for a used car started going up when Covid first hit as auto manufacturing around the world seized up and stopped. A sharp increase in demand caused a sharp increase in prices, and they keep going up.
With omicron now causing another seizure in manufacturing the price for a used vehicle is up about 28% over what it was LAST year, and last year prices were through the roof. “In Houston, prices are actually up 32.2% so it’s higher than the national average, and that translates to almost $8,000 more than a year ago for your average used car price,” says Karl Brauer, Executive Analyst at iseecars.com.
Many people can remember a time when parents bought a used car for their kid’s first transportation. Not so much anymore. A lot of people who were in the used car market are priced out. Speculation is that the price of used cars will soon be equivalent to new cars.
And it’s trucks we want. “Ford F-150, Chevy Silverado, and RAM 1500’s rule the roost nationally, and in Houston,” adds Brauer.
An average used car is $29,000.
photo: Getty Images