ORLANDO, Fla. — The numbers for Central Florida used cars could leave you with a case of sticker shock.
What You Need To Know
- According to experts, used car prices have increased by 29% in the past year
- One Orlando used car dealership says it's having a hard time finding stock to offer
- Experts say new car shipping problems and an increased demand are contributing factors
On Saturday night, Kevin Colon listed his 2013 Ford F-150 XLT pickup truck with 117,000 miles on it for $18,000.
By Sunday afternoon, he'd gotten more than 30 calls about it.
“Sunday, the phone just blew up,” Colon said. “Everybody wanted to see it.... Text messages... There were people from two hours away that said, 'I am going to drive right now with cash to buy it.' ”
In May 2020 the average used car list price nationwide was $18,300. Now, a year later, prices are up 25% to $22,790.
“This spike that we are seeing right now, we have never seen anything like it,” says Emilie Voss of Carfax.
Neither has the Orlando Preowned dealership off West Colonial Drive, which is struggling to find cars to offer on its lot.
The used car market is being impacted by delayed shipping containers with new cars, a slow down in the production of chips for new cars, and an overwhelming demand for used cars. "What we are seeing is completely unprecedented." - @CARFAXinc @MyNews13 pic.twitter.com/sPOZoLdmhm
— Spectrum News Asher Wildman (@AsherWildman13) June 7, 2021
“Our lot is usually double capacity of what we have right now,” Orlando Preowned sales representative Bradley Tritsch said. “We are down to about 80 cars, and usually we have about 120 to about 140.”
According to industry experts, the prices on used vehicles are up tremendously in just one year. In fact, for cars, the price is up 29%, and for used trucks and SUVs, 39%.
This increase in used car prices is not just going up because of shipping problems with new cars.
“Those chip supply issues, that shortage of chips to be able to put new cars on lots, is really having a trickle-down effect on to the used car market,” Voss said. “Plus, we are seeing that increased demand.”
Colon, who has a buyer for $16,000, suddenly had some seller's remorse.
“I would have put it at least $22,000, because I know someone would have asked to give me $20,000,” Colon said.
Those looking to trade in a vehicle may also be pleasantly surprised. Trade-in prices are up about 20% from this time a year ago.