Prices for used cars and trucks began to rise at an unprecedented rate in August 2020 after remaining relatively flat since 2013. As new vehicle production was limited by supply-chain issues, demand for used vehicles skyrocketed. By June 2021, prices for used vehicles had grown by 45.3% year over year. After dropping somewhat, they peaked again in March 2022, finally dipping again in April. As new vehicle production accelerates, used car and truck prices could moderate, though the market may not recover quickly.

Source: U.S. Bureau of Labor Statistics, 2022 (Consumer Price Index for All Urban Consumers)

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Gray Strickland

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