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Black Book still expects used cars to be valued 30 to 40 percent above their pre-COVID levels for the next 12 to 24 months. That’s great news if you’re planning on selling and a nightmare if you’re looking to buy.
"We are in this elevated price environment for the foreseeable future," Yurchenko said. "The main reason is inventory. We're not going to have the same level of used inventory coming back to the market in the next several years."
"Depending on how long the chip shortage or overall supply chain issues last, we might see this limited used-inventory environment for three, four or five years, depending on how fast we can get back some normality in the new market."
Black Book still expects used cars to be valued 30 to 40 percent above their pre-COVID levels for the next 12 to 24 months. That’s great news if you’re planning on selling and a nightmare if you’re looking to buy.
"We are in this elevated price environment for the foreseeable future," Yurchenko said. "The main reason is inventory. We're not going to have the same level of used inventory coming back to the market in the next several years."
"Depending on how long the chip shortage or overall supply chain issues last, we might see this limited used-inventory environment for three, four or five years, depending on how fast we can get back some normality in the new market."