July 14, 2021—Used car prices are reaching record highs, Fox Business reported.
According to the Manheim Used Vehicle Value Index, prices have increased 48.2 percent over the last year.
The overall average price for vehicles was $20,260 while light duty pickups hit $30,590. Increases in wholesale prices typically lead retail by six to eight weeks, and Manheim had predicted that it would likely be July before the market started to normalize.
The price increase comes as manufacturers are struggling to meet demand for new vehicles.
