One major problem over the last few months for the auto market was that the price of used vehicles was plunging, pressuring new vehicle sales.
Now, that trend looks to have reversed in grand fashion. Used car prices are up 9% year over year according to data from the Manheim U.S. Used Vehicle Value Index for June. The spike is being attributed to more people heading back out of the house – as states across the U.S. reach various stages of re-opening – but avoiding mass transit and ride sharing services.
The idea of having your own, quarantined vehicle is now back in fashion and has caused a 50% to 75% drop in mass transit in some major cities, according to Bloomberg.