Used Vehicle Prices Continue To Soar In April 2021, Hitting New Record

April 25, 2021

Manheim Used Vehicle Value Index reached its highest recorded value in early April, adding pressure to a growing inflation theme

SUV on road

Used vehicle prices continued to soar through early April 2021. The Manheim Used Vehicle Value Index rose to a record high of 191.4, up 52% year-over-year and up 7% month-over-month.

The strong gain in April continues on the strength seen in March. Used vehicle prices are now 27% higher than the average value in 2020. The pace at which used vehicle prices are increasing is unprecedented — it is adding to growing inflationary pressure that we are seeing in other commodities.

Pickup trucks outperformed the overall market. Below is the annual price increase for each category:

  • Overall industry: +52%
  • Compact cars: +45%
  • Midsize cars: +49%
  • Luxury cars: +40%
  • Pickup trucks: +74%
  • SUV/CUV: +46%
  • Vans: +45%

Automotive manufacturers note that semiconductors remain a concerning supply chain constraint for the production of new vehicles — this in turn is impacting the demand for used cars as consumers shift demand.

Resources

Why is there a semiconductor shortage?

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#transportation #automotive #used vehicles #pickups #inflation

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