Used Cars Cost What In South Florida?
Bottom Line: Inflation is real. Not that you needed me to remind you. You’re reminded every time you buy just about anything these days. And while inflation has reached 30-years highs in many categories, 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 has 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 & Miami-Dade: $6,209
- In Palm Beach & Martin: $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. What’s it 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 north-east Florida. Also, there’s never been a worse time to buy a used Leaf. I’ll refrain from further commentary on that one. I’d say happy shopping but in reality – the happiest shopping is not having to do it right now.