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Inflation is real. You’re reminded every time you buy just about anything these days. And while inflation has reached 30-year highs in many fields, it’s reached a record high in one category specifically. Used car prices. If you’re in the market for a used car, unfortunately, there’s never been a worse time to buy. Pandemic-driven shortages combined with the rampant inflation of basic materials have created a 30%+ increase in used car prices year-over-year.
A new study from iseecars.com illustrates just how much more you can expect to pay for a used car in South Florida compared to just a year ago. In Broward and Miami-Dade is $6,209 and in Palm Beach and Martin, it's $7,156.That’s not how much-used cars are selling for. That’s how much more people are having to pay for the same used cars over this time a year ago on average!
That’s some serious inflation. Incidentally, the highest inflation in the country is also in Florida. Jacksonville/Duval County has seen the biggest year-over-year increase with a used car costing a whopping $8,473 more. Overall inflation has been highest for coupes and lowest for hatchbacks. The car experiencing the highest inflation, a Nissan Leaf. The car with the least, Mercedes-Benz GLC. But, what does this all mean?
If you can avoid buying a used car right now, you probably should. If you need one in South Florida, however, you’ll likely find better deals in Broward and Miami-Dade, than you will throughout the Palm Beaches and Treasure Coast. Also, friends don’t let friends buy used cars right now in northeast Florida. I’d say happy shopping but in reality, the happiest shopping is not having to do it right now.