The reason for this is the growing demand for used cars in the US. According to Motor1, it has been steadily increasing over the past year and has jumped by 5% in just the last three weeks.
As reported by Cox Automotive analysts, compared to April 2020, used cars in the US have risen in price by an average of 30%. Currently, their prices are the highest in the last 20 years.
There are several reasons for such a rapid price increase. Firstly, during the quarantine, a huge number of Americans decided to get at least some kind of car to avoid using public transport. Especially since the government paid out 2.5 trillion dollars in subsidies.
Secondly, in 2021, due to the microchip shortage, many automakers have been forced to suspend car production. Demand for new cars exceeds supply, and under these conditions, many Americans have turned their attention to the second-hand market.
Moreover, they are buying not only used cars in good condition but also the popular in Ukraine salvage cars from the US. Since the coronavirus pandemic is unlikely to end in the near future and the microchip shortage will not be replenished, prices for used cars from America will only continue to rise.
