Home Business Car and truck prices — for new and used vehicles — are soaring during the during pandemic. Here’s why.

Car and truck prices — for new and used vehicles — are soaring during the during pandemic. Here’s why.

by staff

Dealers say competition for used vehicles, especially from upstart online auto sellers Carvana and Vroom, contributed to the price increases with bidding wars at auctions. Still, Jackson argues that autos remain affordable because consumers are typically receiving more money for their trade-ins. Interest rates remain low, too. New-vehicle loan rates not subsidized by automakers are averaging 4.4%, according to Edmunds, while used loans average 7.8%.

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