In May 2021, used-vehicle values hit an all-time high—but supply stabilized to levels below what had been seen in 2019 and 2020. Used car prices are 15% higher than what was seen in 2019, and 16% higher than 2020 levels. Much of the price increase is a result of strong demand from consumers coupled with tight supply levels coming out of COVID. Industry experts say that stimulus checks are contributing to the spring bounce traditionally seen in used vehicle sales.
The highest inventory demands have been in the $10,000 and below category.
- Available inventory for used vehicles has been a struggle
- The average number of miles on used vehicles rose to about 68,000 miles—after a few stagnant months
- With low inventories, summer used vehicle sales could slow down
Article Source: https://www.automotive-fleet.com/
Link to complete source story: https://www.automotive-fleet.com/10144083/used-vehicle-prices-hit-all-time-high
Photo: Bobit file
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