Archive for July, 2021
Save over $7,000 on this 2018 Ford F-150 Lariat
Orlando, Fla.—The average cost of used cars and trucks jumped 10% during the month of April and 21% from the same month a year before, partly fueling a 4.2% increase in the most recent consumer price index from the Bureau of Labor Statistics. The index for used cars and trucks continued to rise sharply, increasing 7.3 percent in May. This increase accounted for about one-third of the seasonally adjusted all items increase.
The Chip Shortage Issue
According to experts, we are dealing with an elevated demand but short supply. As the U.S. economy rebounds from its pandemic slump, a vital cog is in short supply: the computer chips that power a wide range of products that connect, transport and entertain us in a world increasingly dependent on technology. The shortage has already been rippling through various markets since last summer, but things have been getting even worse in recent months, particularly in the auto industry, where factories are shutting down because there aren’t enough chips to finish building vehicles that are starting to look like computers on wheels. That means that there are many more used auto buyers out there looking to upgrade their current vehicle in order to find more comfort, more features, and more reliability. Auto dealers are just selling off their inventory, and the available inventory is just dropping fast.
Other Factors Contributing to the Shortage
Repossessions and fleet cars not reentering the market are having a huge effect on the used car price, but again, analysts attribute it to the fact that all of the stimulus money with government, has really kept those cars out of the lanes. Repo rates are really low. This used car bubble won’t last forever, but it seems like it will be on here for a while—at least until the new car market starts to get back on its manufacturing feet.
At Orlando Preowned you will find a large variety of vehicles where you can still save thousands from KBB Retail Value, making it a great deal for you. Come visit us and explore our entire inventory of 100+ units to choose from. You can also visit us online at www.orlandopreowned.com.
We are conveniently located at the heart of Orlando in 3701 West Colonial Drive, two blocks from Young John Pwy, and close to all things around the City Beautiful. You can call us at (407) 295-5565 and schedule a test drive to get you the wheels you’ve been dreaming about for the longest time, and take it home tonight.