“Sort of loopy”—how the booming US used automotive market is driving inflation

“Kind of crazy”—how the booming US used car market is driving inflation

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Final month it took Carey Cherner, a 36-year-old used automotive vendor in Kensington, Maryland, lower than 12 hours to promote a 2001 Ford F-150 pick-up truck with 184,000 miles on the clock. It went for $7,500—50 p.c greater than regular.

Cherner’s expertise was not a one-off within the US used automotive market, the place costs are rising quickly. The business is at t coronary heart of the nation’s rising inflationary pressures—and has due to this fact change into a topic of nice curiosity to policymakers in Washington.

“There’s extra folks shopping for automobiles than there are automobiles out there, which makes it go form of loopy,” Cherner mentioned.

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