The Best And Worst Time For Used Cars In The United States
, they sourced 65% of their vehicles directly from consumers, up a significant percent from 7% at the end of 2017.
. Prices on used cars will come down to reality eventually. A person taking out a $30,000 loan on a car currently listing for $35,000 that will be worth $25,000 next year results in a customer being upside-down on their loan. Multiply this by tens of thousands of consumers, and you’ve got the makings a systemic financial issue., and the chip shortage, aka inventory shortage, looks to persist into 2023.
Should the financing bubble burst, I predict we’ll see higher than normal loan defaults, resulting in reduced consumer spending and confidence over the next few years. This will likely diminish demand for vehicle purchases just as the supply chain begins to rebound, reversing the trend of appreciating used car prices. To what extent this may impact the broader business community is still unclear.
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