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Prices For Used Cars At Record Levels

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Steve Pickett reports on vehicle volatility.

Video Transcript

- Car sales-- super, super hot right now-- if you can find one, right? Auto analysts tell us that prices for used cars are at record levels right now. All new at 6:00, our Steve Pickett with the vehicle volatility for used as well as new cars.

- Monthly payment's not going to be a lot and your down payment's not going to be a lot.

STEVE PICKETT: Hazel Figueroa is not just car hunting. She's car hoping-- hoping to improve her search for a used car that matches her budget.

- It'll be gone by the next day.

- The used car market is kind of ridiculous right now. The prices are skyrocketing.

STEVE PICKETT: The folks at Richardson's Legacy Autos are attached to a nationwide price shift for used cars, a price hike in overdrive right now based on one reason.

JERRY REYNOLDS: Severe shortage of new vehicles.

STEVE PICKETT: Dallas-based car expert Jerry Reynolds, the host of CarPro USA, says sale prices on used cars set at historic high marks right now, and it's the byproduct of the new car market. A computer chip shortage for new car production means fewer new cars to sell.

JERRY REYNOLDS: New cars-- when car dealers don't have new cars to sell, they've got to move over and sell used cars, and that drives prices up. And that's where we are today.

STEVE PICKETT: Car buyers are simply paying higher for an older vehicle.

EMILIE VOSS: So we are seeing on average retail values for used cars are up more than 25% from where they were this same time last year, and that equals about $6,000 more on average.

STEVE PICKETT: The era of look folks, I've got a deal here on the lot you won't believe is now a price point you didn't expect for a car you may not prefer. Hazel Figueroa didn't want a new car, but she and others are paying more for a used one because of that limited supply and consistent market demand for a new one. In Dallas, Steve Pickett, CBS 11 News.