The price of used cars keeps increasing. According to The Manheim Index, the most prestigious wholesale used-vehicle price index as per the economic experts, the index increased by 3.1 % since the end of November and so far in the year it has increased 48.9%.

Used cars prices are increasing as part of the current inflationary period. In addition, due to the port congestion and the impaired delivery of new cars, the demand for used cars has increased significantly. The price of used cars is expected to reduce 20-30% once the congestion is resolved, but this would not happen until well into 2022.

See this graph that shows the Manheim Index

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.