The prices of used cars have jumped of late, causing a decline in sales for most used car sellers. According to the car shopping app CoPilot, which tracks dealership prices nationwide, sales of used cars less than 10 years old were down 27% last month compared to March 2021.
Supply chain disruptions and rising COVID-19 cases in China have dampened the production of new cars, making them non-existent in some locations. CoPilot CEO and founder Pat Ryan said, “With nearly empty new car lots across the country, dealers have been holding prices of newer used cars high."
