Numlock News: July 20, 2021 • Antarctica, Sh…

By Walt Hickey Cars The average price paid by a consumer in June for a new car was $39,948, and the average price paid by a consumer that month for a one-year-old used car was $39,868, an $80 difference. Normally, that price gap is typically around $5,000 or more, but used cars are in a supply crunch. On one hand, it’s a rough market for buyers, on the other, this just seems more rational: it’s a little nuts how much value a vehicle — which is basically just a computer attached to a sophisticated machine — loses by simply driving it off the dealership lot. And while I’m not a mechanic, it’s odd that a single year of usage would instantly wipe out like a seventh of the value of a machine designed to last over a decade.

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