predicted

Used car price rises not letting up as predicted, and the peak hasn’t come yet

Car for sale

Used cars aren’t the best deal at the moment.


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It remains a poor time to be in the market for a new car. Or a used car. According to an Automotive News report on the latest data from Cox Automotive on Monday, wholesale used car prices rose to record highs this past September. In turn, that means the prices dealers charge used car buyers also continue to rise.

Year-over-year, wholesale prices are up 27% compared to September 2020. From August, September saw prices climb 5.3%. The increases coincide with continued difficulties for automakers to build enough cars to meet people’s demands. The semiconductor chip shortage, according to the most recent estimates, may not start to stabilize until sometime next year. And only in the first half of 2023 may the industry enter an actual recovery phase. Without enough chips, carmakers will remain stuck as buyers won’t

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Monterey Car Week auctions predicted to break $320 million in sales

Monterey Car Week has returned with a bang.

The annual California gathering was canceled last year due to coronavirus restrictions, but is in full swing for 2021 with a slate of a half-dozen auctions that kicked off with a $34.4 million haul at RM Sotheby’s on Thursday night.

Hagerty estimates that the auctions will pull in over $320 million at an average of over $400,000 per sale, which would for surpass the $255 million total from 2019.

“This year’s Monterey Car Week auctions include excitement around the traditional sectors of the collector car market, like prewar cars and 1950’s Ferraris. However, newer cars may well prove to be the top sellers in 2021,” Hagerty vice president of automotive intelligence Brian Rabold said.

Among the cars sold at RM Sotheby’s was a 1962 Aston Martin DB4GT Zagato, that went for $9,520,000, which Hagerty says

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