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The price for used pickups is going up, up, up.
Pickup trucks are in strong demand. (David Paul Morris/Bloomberg via Getty Images)
A sharp drop in the supply of new vehicles due to the ongoing semiconductor chip shortage coupled with a strong demand for cars as the economy continues its post-lockdown recovery has led to an increase in used car prices with pickups leading the way.
According to used automobile wholesaler Manheim, the average wholesale price for a pickup hit $30,093 in mid-April, which is up from #28,121 a month earlier and $17,201 last April when the industry was oversupplied during the worst part of the coronavirus lockdowns.
Manheim chief economist Jonathan Smoke said the increase should be reflected in retail prices within six to eight weeks.
"This is fundamentally the most extreme demand and supply imbalance that you can envision happening," he said.
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Along with the reopening of the economy and improving customer sentiment, stimulus payments and tax refunds are creating a perfect storm that’s driving demand.
But while pickups are driving the price increases, every segment is up compared to last year, with the average price now at $19,094 compared to $12,548.
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As far as when things will get better for car shoppers, Smoke expects things to see the appreciation in values start to taper off in July, but doesn’t expect prices to return to what might be considered normal anytime soon.