Used car prices hit record high in September

Car prices concept with toy car and money roll on roof
Photo (c) CatLane – Getty Images

Consumers shopping for a used car last month encountered record high prices, according to the latest Manheim Market Report (MMR). Used car values increased each week throughout September. 

Three-year-old vehicles — typically the cars and trucks that are most in-demand — increased in value by 4.6%. Throughout the entire month, buyers paid more than the MMR values. Despite there being higher prices, 65% of shoppers ended up buying a vehicle, compared to 52% in 2019.

Every type of vehicle saw price increases in September, but some increased more than others. The price of a van rose nearly 41% from September 2020. Pickup trucks, already among the most expensive used vehicles, rose by another 17.8%. Overall, prices were up 27.1%.

Like many segments of the economy, supply chain issues have reduced automotive inventories and led to higher prices. Since early in the pandemic, there has

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Brabham Automotive BT63 GT2 will hit the racetrack in Europe

An automaker called Brabham Automotive has announced it will be competing in the Fanatec GT2 European Series with a new concept racing car. The racing car to be used is the BT63 GT2 Concept. Brabham is working in conjunction with SRO Motorsports Group to design and build the car, which will compete in the invitational class of the 2022 GT2 European Series.

The first time the concept racing car takes to the track will be at the inaugural Fanatec GT2 European series session held at Circuit Paul Ricard on October 1 through the 3 of this year. Brabham and SRO will be working closely together to meet homologation requirements for the 2022 racing series.

While Brabham Automotive may not be a household name, anyone who followed Formula One racing in the early to mid-80s may recognize the company name. Brabham F1 scored its final victory in the iconic racing

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Auto loan approval ratings hit highest level since 2015

It hasn’t been this easy to get a car loan in years.

Why it matters: It comes amid a demand bonanza that got underway at the onset of the pandemic — when traveling by car became the more appealing mode of transportation.

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Car loan approval ratings are at the highest since 2015, according to Cox Automotive.

  • What’s happening: Auto loans are getting cheaper and lengthier, two factors that lower monthly payments — what “most consumers are focusing on, more than anything else,” says Cox Automotive economist Jonathan Smoke.

  • “Consumers have been consistently seeing better rates every month this year than a year ago — that’s really helped offset some of the inflation in vehicle prices,” Smoke says.

The big picture: The net percentage of banks making loans harder to get is at the

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Sticker shock: Average new car prices hit a record $41,000 in July

The number of new cars being sold is from record levels, but the prices being paid for them are the highest ever.

According to the J.D. Power and LMC Automotive Forecast, the average transaction price for a new vehicle is projected to be $41,044 during the month of July, a 17% increase over last year.

High demand is meeting low inventories caused by the ongoing semiconductor shortage hampering production across the industry, which has led to a drop in incentives and more cars selling for list price or even more.

“Eight percent consumers are paying near or above MSRP, which is driving up dealer profitability over 200% compared to 2019. But

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