Used car prices in the US are rising rapidly.

Used car prices have risen nearly 30% since the middle of the pandemic, in May 2020 and May 2021, according to the US Bureau of Labor Statistics. 2020

The boom in used car prices in the US is fueled by a wide range of causes, from the economic fallout from COVID-19 to a decline in new car production driven primarily by a shortage of chips to make them. according to Consumer Reports. These and other reasons, which we will explain below, to learn a little more about this market yy . Consumer Reporting Data.

There is a simple rule in marketing that helps explain the trading movements of the masses, it is called the rule of supply and demand. The greater the demand for a particular product or service, the greater the supply, and the same in the opposite direction. This is not a very complex principle, and it is quite simple to apply it to the economic process that we are (still) coming out of due to the economic crisis caused by COVID-19. Many enterprises closed, others had to eliminate part of the staff, and others reduced production.

This last point is especially important in this case, and it is that now more people are looking for used cars because, theoretically, they have more money to invest in them. However, according to PureCars' Lauren Donaldson, this is a great time for sellers, but not for used car buyers. 

According to Donaldson, cars in the 2-year range are most in demand today, while cars in the 3-5 year range aren't in as much demand. In addition, searches for SUVs and trucks have increased significantly.

The editors of Consumer Reports said the future of used car prices is fairly uncertain, but if there's a safe strategy you can choose, it's to wait for seasons when it's cheaper to buy a used car, such as holidays and months. from March to October.

In addition to the previous point, True Car analysts say that those people who are waiting for prices to fall in order to be able to buy a car will wait "a long time", at least until the fall, to determine if prices have changed or not. not to introduce more new cars into the used car market.

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