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How a perfect storm of shortages and rental car chaos sent used-car prices skyrocketing

By Betty C. Morrow 6 months ago
Cars sit outside a used car dealership with spray paint on the windows advertising the vehicles.

Used car and truck dealers have bought models for more than their original sticker price. Jim Watson / AFP via Getty Images

  • Used-car prices have skyrocketed over the last year.

  • A supply crunch in new cars is spurring demand for used models.

  • Prices may not return to normal for at least a year, one expert told Insider.

  • See more stories on Insider’s business page.

If you’re looking to get a sweet deal on a used car to take advantage of the warm summer weather, it’s not going to happen.

The market for secondhand cars is absurdly and unprecedentedly hot right now. Used vehicles went for a whopping 40% more in June than they did before the pandemic in February of 2020, according to data from JPMorgan.

The average nine-year-old car changed hands for $13,250 in June, according to automotive research site Edmunds. That’s a 30% hike over the same

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