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Inflation has now become so ridiculous that, according to the
Wall Street Journal, even the price of a USED car is increasing… by a lot.
Since January 2020, NEW car prices have increased 9.6%. But USED car prices are up 16.7% over the same period.
This is pretty extraordinary given that used cars are supposed to depreciate. According to one used car dealer, “What is normally a depreciable asset has been appreciating.
It’s certainly surreal. . .”
It’s not just used cars, of course. Prices across the economy are rising rapidly. NielsenIQ retail price data sets show that consumer goods have been rising in excess of 10% over the last year on everything from beauty products to seafood prices (which have risen by 18.7% over the past three months).