by Wolf Richter
Wolf Street
Retail prices of used cars & trucks spiked most since 1969 despite lower sales and plenty of supply. Wholesale prices, after biggest spike ever, are already falling.
Prices of used cars and trucks have been on one heck of a crazy ride since the Pandemic started, with the market freezing up in March and April, and then heating up, with prices soaring but with demand and sales volume still not back where it was before the Pandemic. This – what would normally be contradictions – makes you shake your head.
Retail prices of used cars and trucks in September soared 6.7% from August, the biggest month-to-month jump since February 1969, according to the Consumer Price Index for September, released today by the Bureau of Labor Statistics.