AzScorpion
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Looks like it's going to be a bumpy ride for a while now. Glad Ford locked in 2021 pricing for those who had their Bronco orders in by March 19th.
https://countryhighlights.com/us-news/car-prices-are-soaring-and-theyre-not-going-to-stop/
https://countryhighlights.com/us-news/car-prices-are-soaring-and-theyre-not-going-to-stop/
And the price increases aren’t over yet.
The average new car price hit a record $38,255 in May, according to JD Power, up 12% from the same period a year ago.
Wholesale prices for used cars sold at auction are up 39% since the start of this year, according to other data from JD Power. Retail used car prices are up a more modest 20% in the same period. That’s also a significant jump for this time of year, and the higher wholesale prices are pointing to bigger increases on the way.
“That puts wholesale used prices at the highest level they’ve ever been,” said David Paris of JD Power. “And we are seeing used retail prices accelerating rapidly.”
The US economic rebound has pushed consumer prices up at the fastest rate in nearly 13 years, and used car prices alone were responsible for a third of of the 5% overall jump in May.
It’s a 180-degree turnaround in the market from a year ago, when many car dealerships were closed by the pandemic or limited to providing service and maintenance. Massive job losses and a shift to working from home caused a 30% plunge in auto sales in the second quarter of 2020, the biggest quarterly decline since the Great Recession.
Now sales are booming, with May’s seasonally adjusted sales rate for new car sales to consumers rising 34% compared with a year ago, and up 10.6% compared with the more normal sales month of May of 2019.
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