The coronavirus pandemic has affected the automotive industry but surprisingly the used car and truck market is flourishing. The used car market has seen this amount of success after 1969. COVID-19 is a blessing in disguise for the used car dealers. The recovery rate of the economy is slowly strengthening and taking the country out of the recession period.
The used car market has seen an increase in price by 6.7% in comparison to last month’s sale revenue. The Americans are facing a shortage of supply as the demand for the used car is increasing. The dealers are facing a shortage to sell vehicles.
The automaker introduced relief programs, zero interest rates, and financing would be there for a longer period of time due to the effect on an individual’s buying capacity. The monetary policy decides by the Federal government is going to stay for a longer time.
The supply and demand for used cars have a direct relation to the price. The price gains are heavy in the US due to the excessive demand for used cars and trucks. The rise in the market is maximum in September which is the same as the economy requires.