Post Pandemic World
In this topsy-turvy post - pandemic world (hopefully) Edmonds.com revealed the average transaction price for all vehicles sold with 100,000 to 109,999 miles at U.S. Dealers was $16,489 in June. That is up nearly $4000 or 31% from June 2020. They not only sold at a much higher price but also moved off dealers lots weeks faster. We are seeing 7-8 year old vehicles with more than 100,000 miles commanding prices today that are more like the cost of a 5 year old vehicle with 60,000-80,000 miles a year ago. Demand is high and supply is low. Vehicle quality has been on the rise for several years and it is very reasonable to expect a vehicle to last well beond 100,000 miles. We invite your comments concerning this shocking rise in used car prices. Dealers have been amazed at the prices required to purchase inventory.