Data: Manheim Used Vehicle Value Index (Cox Automotive); Chart: Axios Visuals
Anyone who’s shopped for a car this year knows that new ones are hard to get and used ones have gotten way more expensive. And we know why: There’s a global shortage of all the computer chips modern-day cars require. But October’s used car price growth still managed to shock even the experts.
The latest: The industry’s key index of used vehicle prices jumped another 9.2% over the span of just a month. That puts the index 38% higher than a year ago — compared to “just” 27% for the same stat in September.
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Why it matters: The market for cars and trucks is one of those that’s most impacted by pandemic-era supply problems. That’s unfortunate because vehicles are big-ticket items that most Americans rely on