Data: Used car prices up 20.8% in Detroit
Chip shortage, pent-up demand drives car prices up nationwide
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Are you thinking about selling your car? Do it now!
But if you are looking to buy a used vehicle, good luck!
Here’s what’s going on .
Used car prices explode
Used car prices are
up 20.8% in the Detroit market over the past year. Nationally, used car prices have increased 16.8%, or $3,926, over the past 12 months, compared to most years when they remain constant.
In Metro Detroit, the data show the average used car price is up a staggering $4,482 compared to a year ago. That puts the Detroit market just out of the top 10 markets based on year-over-year price change: