The used car market is booming.
The average cost of a used car or truck has surpassed $20,000, a 10% increase over the past 12 months.
The surge may not be slowing down anytime soon due to low supply and high demand issues in the automobile industry. Cox Automotive, which owns Kelley Blue Book and Autotrader.com, estimates that demand for used vehicles has doubled since last March.
Rental car companies struggled in 2020 because of the pandemic and as a result Hertz
Enterprise and others bought fewer new cars — and sold more of their existing fleets. In addition, recent production issues for many automakers, and an influx of federal stimulus checks to Americans, caused used car prices to spike.
“If you have an extra car to sell, it’s a great time — there may never be another time greater than this,” Eric Ibara, director of