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buying: Used car price rises not letting up as predicted, and the peak hasn't come yet

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It remains a poor time to be in the market for a new car. Or a used car. According to an Automotive News report on the latest data from Cox Automotive on Monday, wholesale used car prices rose to record highs this past September. In turn, that means the prices dealers charge used car buyers also continue to rise.

Used cars aren't the best deal at the moment. Fotog/Getty Images © Provided by Roadshow Used cars aren't the best deal at the moment. Fotog/Getty Images

Year-over-year, wholesale prices are up 27% compared to September 2020. From August, September saw prices climb 5.3%. The increases coincide with continued difficulties for automakers to build enough cars to meet people's demands. The semiconductor chip shortage, according to the most recent estimates, may not start to stabilize until sometime next year. And only in the first half of 2023 may the industry enter an actual recovery phase. Without enough chips, carmakers will remain stuck as buyers won't be able to find the vehicle they're shopping for. In fact, recent data also shows many buyers are starting to give up and postpone a car purchase entirely.

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  Used car price rises not letting up as predicted, and the peak hasn't come yet © Fotog/Getty Images

That leaves many people looking to the used car market to score a better deal, or any car at all. But with demand high, prices will continue to climb. Cox Automotive now forecasts used car prices will peak between now and next spring. Experts originally saw a dip in auction prices this past summer, but that dip appears to be short-lived.

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This was originally published on Roadshow.

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Buying a car isn’t quite like buying a jar of peanut butter at the grocery store. Most everyday items have a set price, and what you see on the sticker is what you pay. This isn’t the case with cars. Every car has an MSRP which serves as a starting point for what you end up paying. Unlike that jar of peanut butter, you might be able to pay less, or in some cases have to pay more. Why is that, and what is an MSRP? Here's the breakdown. What's the Meaning of the Term MSRP?MSRP is an acronym for manufacturer's suggested retail price. It represents the price that a manufacturer recommends a vehicle be sold for.

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