Used car bubble? Consumers paying $10,000 more than in a 'normal' economy.

Consumers are paying $10,000 more for to buy a used car than if the economy were"normal" and older vehicles were following the typical pattern of depreciation, according to a recent study from CoPilot, a car buying app. to a recent CoPilot analysis. The average used car price was $33,341 in June, although"nearly new" cars – those between one and three years old — rose 1% to an average list price of $42,314 in June compared with the prior month.

The analysis also found that the price of 1- to 3-year-old cars now fetch a record premium of $13,145 above"normal" prices. A rule of thumb is that cars typically lose value as soon as you drive them off the lot, but the CoPilot study found that the pandemic is upending those dynamics. For instance, among all types of used cars, only 8- to 13-year-old cars depreciated in June, the study found. A shortage of new cars is pushing more buyers into the used-car market, which is leading to price increases for those vehicles.

"[T]he used car market overall still has a long road back to normal," CoPilot founder and CEO Pat Ryan said in a statement."Despite a number of challenges facing the overall economy, the market has not softened to the degree that might have been expected."

It’s not the economy, it’s an ongoing chip shortage which started in 2020.

America is turning into cuba Thanks Joe! Boost up! 5 foot danger 6 foot safe! Sea levels are rising and its hot! Squawk! 🌊♨️✈️🤡

That’s why they are called stealerships.

It's ridiculous. Even with great credit and a good job it seems.

Good time to ask you this. How is that guy that you had on the CBSEveningNews who fixes old/broken cars & gives them to people that have no cars? I think instead of junking them or destroying them on purpose. Give them to this guy & help out your fellow Americans out.

fuck it i'm breaking out the unicycle

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Consumers are shelling out an average $10,000 more for used cars than if prices were 'normal,' research showsIf depreciation assumptions had held true, used cars would cost thousands of dollars less, depending on factors including its age. Better than paying 100% markup fees on new cars. No shit. Its called bidenomics
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The Average Used Car Price is Now $33,000Data shows that used cars are commanding a $10,000 premium above normal pricing levels.
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Used cars costing consumers $10,000 more than 'normal' as inflation ragesIt's a bad time for consumers looking to buy a used car. Welcome to last year. I sold mine to Carvana for over 3k more than I paid for it a little over 2 years ago. Why I am still driving my 02 Dodge PU. 130,000 and no issues.
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