Rising Used Car Prices Could Signal Overall Skyrocketing Inflation
Used car prices skyrocketed 17 percent in the last 17 months, The Washington Post reports—more than any other commodity on the market. And it might very well signal that inflation might debilitate the economy.
A big part of the automotive sector’s issue has come from the fact that the car industry was massively upended as a result of the COVID-19 pandemic. Cars weren’t coming in, and no one was buying used cars. So used car companies started raising their prices as a way to bolster the few sales they were making. And when people got their stimulus money and tax refund checks, demand leaped beyond the capacity many lots had.
With the Biden administration’s new stimulus bill coming into effect, economists have been worried that that extra money will “over-stimulate” the economy. Now, I know a lot of folks will call