RALEIGH, N.C. (WNCN) – If you’re in the market for one, you may have noticed that prices are continuing to climb for used cars.
Used vehicles are worth even more early in 2022 than they were back in July when prices began to skyrocket.
New cars have been hard to come by because of a shortage in computer chips. That lack of availability is also driving up the average price of used cars.
Nationally, CARFAX said used car prices are up 40 percent compared to this time last year. It’s even more dramatic in North Carolina. Used car prices are up 43 percent for the same time period.
“To put that in perspective, the average used car is listed for $28,000,” said CARFAX’s Emilie Voss.
It’s all about inventory. Dealers are desperate to get ahold of used cars.
“On a weekly basis, I get a letter from the dealer I bought my car from asking if I’ll sell it back to him,” said Jim Dates of Raleigh.
His most recent letter, which he provided to CBS 17, for his 2016 Audi Quarto with 50,0000 miles offered him over $20,000 for his car — sight unseen.
“Before inflation, I would expect the car to be worth $14,000 or so,” he said.
“Dealers are having inventory shortages,” Voss said. “It’s hard to stock their lots.”
As a result, dealers are now looking at even older used cars.
“There’s been a big demand for vehicles under $10,000,” Voss said. “Those are some of the older used cars, but they’re seeing big price increases as well.”
If you’re looking for a used car, your search will be more difficult the more specific you get.
“If you’re open to different colors and willing to get any SUV with a third row, you’ll have more options,” Voss said.
Be wary of cars that have been in accidents because it diminishes their value.
“If a vehicle has an accident or damage in its history, it can be thousands,” Voss said. “It just depends on the situation.”
CARFAX has an online service to help you determine if a vehicle has been in a wreck. It will let you know the history of a specific car.
As to when prices of used cars will stop going up, experts said they don’t see any relief on the horizon in the next few months.