Why Are Used Car Prices Skyrocketing Right Now? | MotorBiscuit

Many people grew up living and dying by the financial advice of passing on new cars and finding a better deal on a used car. However, after 2020 and the myriad of production issues, the new car logjam has sent used car prices skyrocketing, making our parents’ advice on used cars less pertinent. 

Subaru employees assemble BRZ | Kiyoshi Ota/Bloomberg via Getty Images

What is going on with used car prices? 

As the economy attempts to recover and unemployment begins to shrink, the new car market has come to a screeching halt. The new car shortage has come as a year-long result of production plants shutting down for COVID-19 safety reasons causing production delays. 

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