Nora Eckert
speaker
116 appearances
2 recordings
1 series
first heard Feb 2022
last heard Feb 2022
Nora Eckert’s voice in public audio — every appearance, attributed to the second.
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There's sort of a weird power in that for people who have recently purchased vehicles.
It's like all the rules are flipped around.
Yeah, thanks for having me on, JR.
So what we're seeing now is the result of months and months of an inventory crunch, really clamping down on dealerships and making these lots bare, combined with really sustained demand from consumers.
So it's come to a boiling point recently where we're seeing these record used and new car prices because there just isn't enough on the lot and there's too many people looking for these vehicles.
We're seeing used car prices skyrocket, and we have a few different metrics to measure this by.
One of the ones we cite is from the Labor Department, which shows that used car prices rose about 40% in January from a year ago.
But when we look at how this plays out... Wait, wait, wait.
Exactly, exactly.
All the rules are off.
I think the used car market used to be much more accessible, you know, for first time buyers and people who are looking for their second, third vehicle, but that's not really the case anymore.
But when we look at how this plays out specifically with different model years, we have some interesting data from J.D.
Power.
So say you bought a new car in last year, in 2021, and you bought it in April, and it was around $38,000.
According to the data that we have today, that car would sell for about $48,000.
So the same car, just about nine months older, is worth about $10,000 more than when you originally bought it.
Yeah, exactly.
We've seen this really kind of upside down period of appreciation in newer models.
And even in older models, they've enjoyed a period of less depreciation than in a typical year.
Well, the newer model years are appreciating in value, and I've really seen this period of just pure appreciation.
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