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Used car prices could fall soon afters monthslong surge

NEW ORLEANS – There’s no escaping it: Over the past several months, price hikes have impacted nearly every aspect of American life.

Used-car prices surged this summer, peaking at over $25,000 for the first time ever in June 2021, according to data from Cox Automotive. In June 2020, the average price for a used car was about $19,500.

At Carbine Motorcars Direct in New Orleans, car buyers will find fewer cars on the lot. Owner Chris Carbine says he’s only purchasing about half of his regular inventory right now due to the drastic spike in prices.

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“It was rough at first,” Carbine said. “In purchasing we just have to be very careful in what we pay and feel comfortable that we can sell them.”

To do that, the dealership is expanding the types of cars it’s

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