Supply and demand is a concept most people learn at a relatively young age. So, it should make sense that, as used car supplies steadily decreased throughout the pandemic, demand skyrocketed, thereby making the market unusually hot this summer.
In fact, prices for used cars increased almost 11 percent in June, the highest of any consumer spending category, and some models are now selling for more than their purchase price.
Ultimately, if you’re contemplating selling your car, it’s clearly a good time, but if you’re looking to buy a used car at a reasonable price, it’s probably best to wait.
– Aly Coleman, On 3 Public Relations