Why Are Used Cars So Expensive Right Now

September 9th, 2021 by

Tiny car with coins and finance paperwork
 

When it comes to perfect balances, there’s not a more relevant example than the new and used car markets. When one goes through a massive change (like the shortage of microchips for new vehicles) it’s the other half that’s quick to react. That being said, It’s apparent to car shoppers that used car prices have gone up sharply in 2021. If you find yourself asking “why are used cars so expensive right now,” then read on in this article to discover more about the used and new car market, and what’s driving used car prices so high.

Used Cars Are More Expensive Right Now

If you’ve observed the used car market over the past few years, you’d know that as of 2021, used cars are unusually expensive. Why is that? Well, due to a crunch in new car availability, used cars are in higher demand than before. Higher demand means higher prices, unfortunately.

It’s not just that half of the market that’s affecting used car prices. The shortage of new vehicles means that people are holding onto their current cars longer, holding them back from trading them in – meaning another shortage, and therefore premium, on used vehicles. When used vehicles are so expensive, why not just buy new?

Will Used Car Prices Go Back Down?

In the midst of a global pandemic, the supply of new vehicles has suffered greatly. Shortages of components both mechanical and electrical have made the production and shipping of new vehicles slower than usual, and as we mentioned before, this causes used car prices to skyrocket. Some experts are saying that this may be a normality for the coming year or two, as the pandemic continues to grip and affect all corners of production.

Discover New Car Value at Biggers Mazda

Car shoppers all around the Elgin area know about the value behind every new car available on our lot, just a short drive from Schaumburg. The reliability, efficiency, and features available in a new car from Biggers Mazda outmatch any overpriced used car in 2021! Looking to save time in the store? You can pre-apply for financing by clicking here and filling out a simple online form.

 

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