Why Are Used Cars So Expensive Right Now?

Tiny car with coins and finance paperwork

If you’re looking for a used vehicle for your Belmont commute, you may have noticed that the price of used cars has gone up significantly in 2021. Why are used cars so expensive right now? To make a long story short, the combination of the global chip shortage and consumer demand has caused the price of used vehicles to rise at dealerships across the country.

However, the team at McKenney - Salinas Honda is committed to helping you find the used car you need for your daily drives, and we’re offering excellent deals when you trade in your current vehicle! Learn why used cars are so expensive right now by reading more below, or contact our team to see how much you can get for your used vehicle! 

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Used Car Prices Are At An All-Time High

The global chip shortage is the primary reason used cars are so expensive right now. With the limited production and availability of new vehicles, private sellers and dealerships are searching for more used vehicles to supplement their inventories. As the demand for used vehicles grows and supply dwindles, the price of the available used cars continues to rise. 

While this can be a headache for used car shoppers, used car sellers can take advantage of the current market and sell or trade in their current vehicle for top-dollar at dealerships like McKenney - Salinas Honda. You can either sell your vehicle outright or trade it in and apply the credit to a new or used vehicle purchase!

Will Used Car Prices Go Back Down?

Eventually, yes, the prices of used cars will go down as new vehicles are produced and brought onto the market. However, this will take time as new facilities are made to combat the global chip shortage and backed-up supply chains are replenished. Most automotive experts expect the chip shortage to be resolved within a year, and the assembly of new cars can continue as usual.

When the market supply is able to meet demand again, new and used vehicle prices will drop. In the meantime, Huntersville shoppers can take advantage of the new vehicle specials and pre-owned vehicle specials at our dealership to help save on their next vehicle purchase.

Can I Still Buy a Car from McKenney - Salinas Honda?

Absolutely! Whether you need a used SUV or a used sedan for your Charlotte commute, the team at McKenney - Salinas Honda is working hard to ensure we have enough vehicles in our inventory to meet the needs of our customers. Browse our used or certified pre-owned vehicle inventory to find the right vehicle for your daily drives, then contact our finance department to arrange a time for a test drive and begin the car buying process. 

Visit McKenney - Salinas Honda for All Your Used Car Needs

Whether you’re looking for a pre-owned model for your daily drives or you want to trade in your current vehicle, you can find all the used car services you need at McKenney - Salinas Honda! Visit our Gastonia showroom today to browse our inventory, then sit down with our team to go over the car buying process. We look forward to helping you sell your current car and getting you behind the wheel of a pre-owned model!