Used Car Demand And Prices Skyrocketing Across The Country

Used cars are being sold at higher prices due to an increase in demand and low production of necessary auto parts.

Dean Cafiero, CarVision Inc. president and owner, is working to keep inventory stocked at his dealership.

The used car market is driving higher and higher, meaning they may be worth a lot more than they were just months ago.

“The price per car has gone up between 4 and $5,000 from normal times, per car.” Cafiero said.

Mclain says that CarVision usually keeps 60 to 70 cars in their lot, but now, says they’re lucky if to have 30 to 35 cars right now.

“Inventory is a big problem when it comes to finding and sourcing used cars,” said Cafiero.

Credible.com personal finance expert Dan Roccato says that production shortages are to blame.

“Yeah, so it’s basic supply and demand and the supply is way down and demand is up. So supply and demand means prices are up,” Roccato said.

Read more at Fox29.

{Matzav.com}