ST. LOUIS — With used car demand rising and the supply limited over the past year due to COVID-19, pre-owned vehicle values are rising across the board. And, in turn, used car sales are hitting another gear.
National wholesale used car prices increased 5.89% in March from the previous month, according to car research firm Cox Automotive.
What’s more, wholesale vehicle solutions company Manheim said its used car value index increased 26.2% over the past year — a record for the index. Wholesale prices are the prices auto dealers pay to acquire inventory, which largely determines retail costs.
Because of those shifts in the market, used cars are flying off local lots. Automotive research firm iSeeCars.com said the average days to sell a used car in St. Louis was 48.2 days in February, and some models were only on the lot for a fraction of that time.
Click here for a look at the fastest-selling used cars in the region for February.