Current Events > Price car dealers pay dropped drastically but they raised prices more

(+) Yeah! (+)

https://thehill.com/policy/finance/3723117-wholesale-used-car-prices-plummet-as-retail-prices-soar/amp/

The wholesale price of used cars is falling off a cliff while the retail prices that car shoppers are paying is way up, suggesting dealers are making a killing while consumers are taking a bath.
Used car prices declined 2 percent from September in the first half of October and are down 10.3 percent from a year ago, according to The Manheim Used Vehicle Index published on Monday.
Wholesale used luxury car prices are down 13.5 percent while used sport utility vehicles are down 12.3 percent and pick-up trucks are down 8.4 percent.
Meanwhile, the retail price that car shoppers are paying for used cars has increased 7.2 percent since last year, according to the Department of Labors latest consumer price index.

The fact that dealers are paying less for cars than they were a year ago while shoppers are paying more suggests that dealers are holding onto the difference and are driving inflation in the used car market, economists say.

Inflation in 2022 is driven by corporate greed I thought we all knew that.

Thats why my profit sharing check was so high this year. Next years will be big too. Prices will come down when supply increases.

fan357 posted...

Prices will come down when supply increases

willing to bet on this?

Pikachu = SHOCKED

fan357 posted...

Thats why my profit sharing check was so high this year. Next years will be big too. Prices will come down when supply increases.

If the issue was supply, why are wholesale prices down?

That has been the main reason for the majority of price increases. Simple greed.

but i heard on twitter that biden was the sole cause of this

I just bought a 2012 Buick Enclave from a friend of my dad's for $7000. Considering what even used cars are going for at dealers nowadays, that is an absolute steal.