Prices for used vehicles have skyrocketed over the past two years, with consumers shelling out an average of $10,046 more than they would under normal market conditions, according to a new analysis conducted by CoPilot, an online car-shopping app.The average listing for a used vehicle climbed to $33,341 in June, a 0.5% increase from the previous month.
That is just $200 below a previous peak recorded in March. If depreciation forecasts are accurate, the average price for a used vehicle would actually be around $23,295.
FILE - Used cars are displayed on a sales lot on June 9, 2011 in Daly City, Calif. (Justin Sullivan/Getty Images)"Despite economic headwinds caused by inflation, interest rates and fuel prices, the continued inventory shortage in the new market as well as strong consumer demand are driving overall used car prices to near-record highs," CoPilot wrote in a blog post on its "Return to Normal" index.INFLATION TIMELINE: MAPPING THE BIDEN ADMIN'S RESPONSE TO RAPID PRICE GROWTHUsed car and truck prices have been a major component of scorching-hot inflation, with prices up 7.1% from the previous year, according to the most recent consumer price index from the Labor Department.
Prices in June — after briefly declining in April and moderating in May — surged again, jumping 2.2% on a monthly basis.Prices for used and new vehicles have climbed as a result of a semiconductor shortage as well as other COVID-19-induced disruptions in the global supply chain.