Used Car Prices Rising Dramatically

June 14, 2021
The spike comes as manufacturers are struggling to meet demand for new vehicles.

July 14, 2021—Used car prices are reaching record highs, Fox Business reported. 

According to the Manheim Used Vehicle Value Index, prices have increased 48.2 percent over the last year. 

The overall average price for vehicles was $20,260 while light duty pickups hit $30,590. Increases in wholesale prices typically lead retail by six to eight weeks, and Manheim had predicted that it would likely be July before the market started to normalize.

The price increase comes as manufacturers are struggling to meet demand for new vehicles. 

About the Author

Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

Sponsored Recommendations

Strategies to Increase Profits and Traffic at Your Repair Shop

Rev up your auto repair business with a guide to industry best practices that delves into the strategies and techniques that top-performing auto repair shops employ to not only...

Download: Lessons in ADAS

As ADAS systems become increasingly popular, understanding proper maintenance is crucial. This eBook explains the importance of staying current on proper ADAS calibration processes...

Establish and track your KPIs: Gross Profit on Labor

Every minute of your staff’s time is valuable—every minute in service to a customer should be billed. Missing opportunities to bill customers due to relatively new practices in...

Craft a strategic marketing plan

Develop strategies and communicate them to your staff to keep you on track