“We’re seeing a continued rise in [used car] prices,” Shift co-CEO Toby Russell told “Varney & Co.” host Stuart Varney Friday.
The average price of a used car was $28,364 in September, up nearly $8,000 since February of 2020, according to Edmunds.
When Varney asked Russel to give an example of how the average price of a Ford sedan has increased compared to a year ago, he stressed that there has been a “substantial change” in used cars.
“Around 30% or more of the car that is sitting in your driveway right now,” he said. “It might have been that you had a car that was worth $10,000 back then. It could be up to $13- $14,000 now, even more, potentially depending on the part of the country you’re in.”
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The demand for used cars comes as Americans try to revert back to normalcy following over a year of pandemic-related restrictions, Russell pointed out.
Despite the sharp rise in prices, consumers are eager to get their hands on their “new” whip.
