It might be the worst time ever to buy a used car.
Inflation appears to be getting worse and will likely continue to grow headed into early 2022 as used car prices continue to soar in the United States.
According to Fox Business, the price for used cars and trucks jumped to an astounding 8.3% in just the first half-month of October compared to the previous month.
The Manheim used car index was up 8.3% in the first half of October, nearing a record pace and adding to a push higher in consumer prices, via Deutsche Bank’s Jim Reid: pic.twitter.com/IJ20XzgQqS
— Lisa Abramowicz (@lisaabramowicz1) October 20, 2021
furthermore, Deutsche Bank strategist Jim Reid stated, “There has been a lag of 2-3 months between the two so as we enter 2022 used cars will still likely be a big upward influence on the CPI number.”
What’s worse is that over the past 12 months, used car prices have shot up 37% overall.
⬆️New/used car prices
These aren’t “high class” issues, @WHCOS. These are everyday American issues & explains your boss’s sinking poll numbers. Also, leave DC once in a while & meet your average American. https://t.co/Nnlmf73o83
— Byron Donalds (@ByronDonalds) October 14, 2021