High demand for used cars has driven prices up during the coronavirus pandemic. With automobile manufacturers still trying to make up for production shutdowns last year and a shortage of computer parts, a tremendous interest in pre-owned vehicles has hit local dealers. Co-pilot's auto industry analytics company reported last month that used car prices increased nearly five percent since last June. Jim Olson Motors General Sales Manager Missy Allen says the inventory of used vehicles is making up for the challenge of getting new models on their lots.
Allen adds that Jim Olson Motors is also actively purchasing cars as part of their "We Buy Cars" campaign. The average used car prices topped $20,000 in 2018 and are reportedly about $22,500, according to Edmunds.com.
(vehicle photo courtesy of Jim Olson Motors)