![]() ![]() ![]() Higher-than-ever used-vehicle prices are the inevitable result. It’s a tough time to find a used car or truck, maybe the toughest ever, and that’s because the market is experiencing what a leading auto industry economist calls “the perfect storm meets the perfect drought.” That is, a perfect storm of consumer demand is running headlong into a perfect drought of used vehicles in dealer inventories, says Tom Kontos, chief economist for KAR Global, a wholesale used-vehicle auction firm. Wholesale auction firm KAR Global reports dealers paid an average of $13,627 per vehicle at wholesale auctions in March 2021, up $2,800 from a year ago, and that’s reflected in soaring retail prices. Demand for used vehicles is strong as Covid-19’s slowdowns start to ease, but those same slowdowns caused a huge contraction in vehicle supply.
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