Used car prices jump as new car production drops – By Joe Napsha (TribLive) / July 4 2021
Those looking to buy a late-model car, truck or sport utility vehicle may suffer from sticker shock when they see the price of used vehicles, which the U.S. government’s consumer price index calculates have risen by about 30% since May 2020.
“It’s all about the inventory. There’s a high demand and a low inventory,” said Lisa McIntyre, executive director of the Greater Pittsburgh Automobile Dealers Association, a trade association representing about 200 dealerships in Southwestern Pennsylvania.
When there is not a sufficient number of new vehicles to fill demand or buyers don’t want to pay new car prices, they turn to used cars, pushing prices up, McIntyre said.
A certified pre-owned vehicle rose in price from about $10,000 in February to about $11,500 to $11,800 now, said Jeff Dohallow, general manager for Kenny Ross Subaru in North Huntingdon.
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