Surge in car prices make some used vehicles worth more than new ones
Surge in car prices makes some used vehicles worth more than new ones. For years we've been told not to buy a new car because it loses value as soon as you drive it off the lot. Right now, the rules are a little different.
Used car prices are surging as the market is lopsided to say the least right now.
"New vehicles' limited inventory because of the chip shortage is really what the focus has been on. Cars are coming in, but they’re either sold, presold, or if it’s there, it’s not there very long," says Lou Vitantonio, President of the Greater Cleveland Automobile Dealers Association.
The next best option is to search for a model that's a year or two old instead. According to Edmunds, that trend sent used car prices up 27% this June compared to last year. If you're lucky enough to own one of the most-sought after models, it could be worth more now than what you paid for it. That's something that's unheard of.
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