ONE GOOD READ – NOTEBOOK: Thinking about buying a used car? Now might be the time
BPC Staff May 16, 2022 | 3:44 pm
1 min read time197 wordsAll Latest News, Culture, The Insider Notebook
Things may finally be starting to look up if you’re in the market for a used car. What had been a seller’s market for used cars, whose values peaked at 54% above pre-pandemic levels in January, are beginning to come down. Used vehicles were hit hardest by rising inflation as the economy reopened and spending boomed in early 2021. That was led by a global semiconductor shortage and tightened supplies for new and used cars. The jump in used vehicle prices in April and June of last year accounted for about one-third of overall inflation during that period. But now, after increasing to levels not seen in nearly four decades, prices are beginning to come down. In this story from Business Insider we learn that used car and truck prices fell 0.4% last month, following a 3.8% decline in March and a 0.2% drop in February. There are other factors signaling the cool-down is probably the start of a prolonged trend. But even with prices beginning to fall, new challenges arise for consumers. Rising interest rates could present new hurdles for those entering the used-car buying market, increasing the cost of loans in the months to come.