Dumb Question about Car Shortage

[Anonymous]

I obviously have been hearing about the inventory issues for people looking to purchase new cars but...does this have an impact on people buying used cars as well? We had planned to buy a car this fall and we always buy used so I hadn't really paid attention to the stories about the inventory situation, but it occurred to me there may be some impact there as well. Are we nuts to think about buying used now?

[Anonymous]

Used car prices are at an all time high for the same reason - there just aren't that many cars for sale right now, new or used so both are at a premium.

The good news is that your old car is worth way more.

[Anonymous]

Yes, the price of used cars has also increased as a result. You aren’t crazy to buy now, but if you can hold off for another year without difficulties, you might want to think about it.

[Anonymous]

If you must buy a car right now, just buy new. In some cases, used cars that are 1-2 years old cost nearly as much as new.

[Anonymous]

Goodness, have you been under a rock? Used cars are scarce and have gone up significantly in price.

[Anonymous]

It will depend somewhat on what you're looking for, but yes, it's insane.

[Anonymous]

Used car prices are insanely high right now, especially if it's a brand that has a reputation for reliability, like a Toyota.

[Anonymous]

Depends on what you consider to be a good used car. Some people won't buy anything that's less than 5 years old.
I bought a 2007 Chrysler 300C (hemi) for 5200 bucks and I LOVE my car. It'll give anyone a run for their money in a race.

[Anonymous]

Are KBB estimates keeping up with the rising prices? Not OP but we are in the market and considering something with an asking price of $11,500 and a KBB value of about $9K.