by Wolf Richter
This would normally have triggered a Buyers’ Strike, but the Inflationary Mindset has changed.
Why do people – dealers and consumers – still pay those crazy spiking pries of used vehicles? For most people, replacing a vehicle can be delayed unless some major calamity befell the vehicle. This was proven to a shocking extent during the financial crisis when consumers went on a buyers’ strike, and sales of new and used vehicles collapsed and stayed low for a long time. So why is demand now holding up at those crazy spiking prices? Because the entire inflationary mindset has changed.