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That’s also a significant jump for this time of year, and the higher wholesale prices are pointing to bigger increases on the way. Retail used car prices are up a more modest 7% in the same period. Wholesale prices for used cars sold at auction are up 26% since the start of this year, according to other data from JD Power, further fueling inflated prices. About two million more car buyers this year will end up paying that close to sticker price than a couple of years ago. The average new car price was $37,200 in the first quarter, according to JD Power, is up 8.4% from the same period just a year ago.Ībout half of car buyers are paying within 5% of the sticker price, according to JD Power stats, with some even paying above sticker.
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It’s helping send prices to record levels. Why Have Used Car Prices Been Rising?Ĭar dealer lots have only a fraction of the vehicles that they typically have - both new and used. The average price of a used Camaro has risen by an average of $6,582, or 26.7 percent, in the past year. The Chevy Camaro is experiencing a similar trend and was the seventh on iSeeCars‘ list of the highest year-over-year vehicle price increases. The Chevy Corvette leads the way among cars with the highest year-over-year price increase, with the average used Corvette selling for $17,432 more April 2021 compared to April 2020, equivalent to a 33.9 percent jump. ISeeCars recently performed an analysis of over 1.2 million used car sales that occurred in April 2021 and found that used car prices have increased by an average of 16.8 percent, or $3,926, compared to the same period the last year. If you haven’t been shopping for a used car lately, you might not have noticed. When used car prices skyrocket, it can mean any number of things.