Day: July 13, 2021

Harvard Graduate Faculty Of Education Home

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Used car prices jumped at the fastest rate on record last month, but there’s hope on the horizon

used car

Used car prices increased 10.5% in June. Justin Sullivan/Getty Images

  • Used cars and trucks were 10.5% more expensive in June than in May.

  • That’s the biggest increase since the Bureau of Labor Statistics started tracking in 1953.

  • Used cars have been a major cause of higher price inflation over the last few months.

  • See more stories on Insider’s business page.

If you’re in the market for a used car or truck, get ready to pay a lot.

The Bureau of Labor Statistics’ monthly Consumer Price Index release showed that inflation in June was much higher than economists had expected. One of the biggest contributors to overall prices rising was the 10.5% increase in used car and truck prices between May and June.

Looking at changes over the last year, used cars in June 2021 were 45.2% more expensive than in June 2020.

New cars also got more expensive, with

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New York State Education Department

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