Why Used Car Prices Are Rising in Bremerton, WA

Mike Columbus's Blog | Why Used Car Prices Are Rising

If used car prices seem high right now, you aren’t imagining things. Car dealerships have only a fraction of the vehicles that they typically have to work with, and the problem isn’t only with new cars. It is with used vehicles as well and it’s helping send prices to record levels.

In fact, the average new car price in the first quarter of this year, according to JD Power, was $37,200, up 8.4% from the same period just a year ago.

In my previous blog post regarding the shortage of microchips and its impact on the automotive industry, I explain the rise in prices which got the attention of industry analyst Ryan Gerardi who is also host and producer of the AutoConverse podcast.

Last month, Gerardi invited me on to the podcast to discuss, the complete conversation of which you can catch here on his blog, but this short video clip here provides my assessment of the current situation.

As stated on the podcast and in my article, despite the rise in prices, purchasing a new or used car right now might still be in your best interest if there is a real need. 

The chip shortage and supply-chain issues are not expected to disappear anytime soon which means that even higher new and used car prices can be expected. Combine that with even more limited selection, now may be the best time for a while to consider trading in your vehicle for a new ride. 

Use the comments section below to let me know your thoughts or ask me any questions you might have. You can also browse my current inventory selection here and if any of the vehicles pique your interest then let me know and we can go from there. 


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