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Used car prices to stay high until automakers fix production issues

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If you’re waiting for used car prices to drop, and reading recent indications as a sign the pricing decline already has begun, one of the biggest sellers of used cars in the U.S. says you should not get too excited.

The rise in used car prices will likely not slow down until manufacturers can start producing cars at pre-pandemic rates, according to the CEO of Carvana.

“[Used car sales] volume is pretty consistent with 2019, it hasn’t changed that much — what’s materially different is just that there are so many fewer new cars being manufactured and that’s pushing prices up.” Ernie Garcia, Carvana chief executive officer, said on CNBC’s “Squawk Box” on Friday. “I think until the supply…



Source cnbc.com

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