Used car prices which

It looked like the market was set to peak this past summer, but new car inventory woes continue to push used prices higher. It remains a poor time to be in the market for a new car. Or a used car. According to an Automotive News report on the latest data from Cox Automotive on Monday, wholesale used car prices rose to record highs this past September. In turn, that means the prices dealers charge used car buyers also continue to rise.

Some new-car segments saw price increases above the They were led by vans, up The modest price increase for EVs is at least partly due to the increase in availability of mainstream electric cars. Individual brands with big September price increases relative to a year ago were Cadillac, up In addition, prices are up because vehicles today come with a high level of standard safety and emissions equipment.

Some of that is required, like backup cameras since That was when it was already obvious that consumer demand for new vehicles had come back much faster than new-vehicle production could ramp back up. New Cars For Sale. Used Cars For Sale. Sports Cars. Used Cars.

The widely watched Consumer Price Index surged 5. That follows an average inflation rate of just 1. Donaldson says that as demand has surged for SUVs and trucks, dealers are more likely to negotiate over the price of sedan models, which have waned in popularity over the past several years.

CR has found that typically, sedans tend to be more fuel-efficient than SUVs of equivalent size. Although used-car prices are rising faster than new car prices, experts say the spike is a double-edged sword. Donaldson says that dealers are most keen on finding cars under 2 years old and that the 3- to 5-year range is the next most sought-after. CR experts say that regardless of prices, the bottom line is that you should make a deal when the time is right for you.

If you decide to wait, know that future pricing is hard to predict, especially when global supply chain problems plague automakers. The semiconductor shortage has put a pinch on the supply of microchip processors automakers need for new cars—the chips control everything on a car from infotainment screens to window motors. The market will calm down eventually, but it may take some time.

Van sales soar amid home delivery boom. Image source, Getty Images. Price rises have been driven by a number of factors. Why the banger on your drive is suddenly worth a lot more Second-hand car sales soar amid shortage of new models Chip shortage could last into , says car boss.

Fewer cars for more money. View comments. Related Topics. Companies Global supply chain management Inflation Car industry Coronavirus pandemic.