Inflation and car prices: What’s going on? How did this happen?It seems like you hear about it more and more these days: The extreme lengths people are going to in order to buy a new house; how much it costs to fill up the gas tank; and what we’re spending at the grocery store.
Report: Some cars cost more used than new amid part shortageWith companies facing shortages of microchips and parts, new cars are being produced at slower rates than normal. So it’s no surprise that the price of used cars are going up amid the demand.
Data: Used car prices up 20.8% in DetroitUsed car prices are up 20.8% in the Detroit market over the past year. Nationally, used car prices have increased 16.8%, or $3,926, over the past 12 months, compared to most years when they remain constant.
