Used car prices have gone up 40% over the last year

JACKSON , TN (WNBJ)-

The federal government announced that inflation has reached a 40 year high. the already high used car market has taken another hit. 39 new alexander bitterling reports

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(alexander bitterling) 6:00+ 2:00 buffer

“inflation and supply chain issues have caused the price of a used car to skyrocket over the last year.”

inflation is the highest it’s been in 40 years

and the price of a used car is up 40% in the last year

chrustopher mcmanis of robinson toyota says that the high market can be good for those looking to sell or trade in their used car

sot

(christopher mcmanis) robinson toyota 3:20

“actually, getting more money than they paid for the vehicle six months ago.”

one of the reasons used car prices have risen so high is dealerships are having a tough time getting new vehicles in so buyers are opting to purchase a used vehicle

the chip shortage is the reason for many companies struggling to get new cars into the market

mcmanis says toyota isn’t being affected by the chip shortage but they are having difficulty getting their cars to the dealerships

sot 5:32

“supply, getting it to us, its logistics, you know there’s not enough people working right now.”

the rise in prices is not stopping people from buying cars at robinson toyota

sot 8:42

“we’ve got waiting listed for new cars, you know we are selling everything that comes in on the pipeline. just as fast as they come in, they are gone.”

high used car prices are not the only price increase due to inflation

gas prices have reached a seven year high

mcmanis says this price increase could lead to a change in the car market

sot 4:36

“if they keep going, i’m sure the hybrids… which toyota is full of hybrids… we’re ready for that.”

he says they have not seen a rush to buy hybrid, gas and electric cars but if the gas orices continue to rise we may get just that

for 39 news, alexander bitterling in jackson