Ridiculously low levels of car inventories are creating interesting dilemmas for millions of drivers with expiring car leases.
Bite the bullet and pay $300 or more a month to lease a new car or SUV, If you could find what you want? Or decide that maybe you’re looking at one incredible deal on a used car parked in your driveway?
All sorts of quirks have hit the car and truck market ever since the start of the COVID-19 pandemic more than two years ago, including some shocking spikes in used car prices.
The Consumer Price Index data released Wednesday indicated that used car and truck prices rose just 7.1% over the last 12 months through June. The year-over-year increase was 16.1% for May.
A year ago, things looked far worse when prices of used cars and trucks spiked by 45.2% in the 12 months through June 2021, the largest 12-month change ever reported for that index, according to the US Bureau of Labor Statistics.
The inflationary pull that drove up used car prices can work in the favor of drivers with car or truck leases that expire soon, perhaps without some consumers even realizing it.
Many consumers should not opt