The price of used cars seems to just skyrocket during the Covid crisis, and they haven't come down much since, at least in general.
There are several reasons the prices are still high, but perhaps the most important is a fundamental change that happened around the time of Covid, Jerry Reynolds, the Car Pro says.
"All the rental car companies cut way back on the number of rental cars there are out there, and that was a big supplier to the used car market."
And rental companies began to get into renting electric vehicles, sometimes in a big way.
Supply chains were disrupted during the pandemic and some of those are said to still be recovering, but there are also indications that the new car market is flat, which can put some pressure on the used car market.
But there are still bargains to be found among used cars.
"That also includes a lot of electric cars, that have fallen dramatically -- but so for the cars that most people buy, though, yeah it's expensive," Reynolds says.
The emergence of the electric vehicle market was one of the phenomena to emerge from the Covid crisis, but there was a lot of vehicle "sampling" going on among upper-scale buyers, and now some of those are hitting the used car market.
As Reynolds puts it, "And then a lot of those early adopters found out, hey this is not for me, I'm gonna wait until the range is longer and the price comes down on new ones."