Used-Car Prices Just Saw Their Biggest Monthly Price Increase in at Least 68 Years, UBS Estimates
By News
Published 3 years ago on
May 7, 2021
Share
[aggregation-styles]
InsiderThe latest commodity seeing a price squeeze amidst shortages and high demand is used cars.A note from UBS researchers led by Alan Detmeister found that not only did used-car prices climb in April, but the monthly price increase could be the largest in 68 years of tracking. It looks like prices may have risen by 8.2% to 9.3%.
InsiderThe latest commodity seeing a price squeeze amidst shortages and high demand is used cars.A note from UBS researchers led by Alan Detmeister found that not only did used-car prices climb in April, but the monthly price increase could be the largest in 68 years of tracking. It looks like prices may have risen by 8.2% to 9.3%.
Used cars have been in high demand due to a few of the factors driving the shortages all over the American economy. The economy is reopening, people are ready to spend money (perhaps from new stimulus checks), and they want cars — especially as more suburban areas boom with wealthy transplants. But new cars are being hit by a computer chip shortage that’s hitting the automotive industry hard.
According to UBS, prices on used cars may only climb in the coming months, due to a lag in wholesale to retail pricing. New car prices are also likely to pick up, increasing by 1%.
By Juliana Kaplan | 06 May 2021
RELATED TOPICS:
Senate Dismissed Two Articles of Impeachment, Ending Trial on Mayorkas
Politics /
4 hours ago
Netanyahu Dismisses Calls for Restraint, Says Israel Will Decide Iran Attack Response
World /
4 hours ago
Biden Pledges to Block Japanese Takeover of US Steel and Promises Tariffs on Chinese Steel
Politics /
5 hours ago
Don Arax Talks About His New Football Job at Visalia’s Central Valley Christian
Latest /
5 hours ago
Career-High Strike Outs for Ryan Weathers as Marlins Best Giants 6-3
Sports /
7 hours ago
LeBron’s Lakers Top Pelicans in Play-in, Set up Playoff Rematch With Nuggets
Sports /
7 hours ago
Storm Dumps Record Rain and Floods Dubai’s Airport
Weather /
7 hours ago
Biden Backs House’s Aid Package for Ukraine, Israel While Speaker Johnson Battles to Retain Position
WASHINGTON — President Joe Biden said Wednesday that he strongly supports a proposal from House Speaker Mike Johnson to provide aid to Ukrai...
Politics /
1 hour ago
Categories
Latest
Videos
Politics /
1 hour ago
Biden Backs House’s Aid Package for Ukraine, Israel While Speaker Johnson Battles to Retain Position
Politics /
4 hours ago
Senate Dismissed Two Articles of Impeachment, Ending Trial on Mayorkas
World /
4 hours ago
Netanyahu Dismisses Calls for Restraint, Says Israel Will Decide Iran Attack Response
Politics /
5 hours ago
Biden Pledges to Block Japanese Takeover of US Steel and Promises Tariffs on Chinese Steel
Cannabis /
5 days ago