Used car shortage prompts higher prices - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Used car shortage prompts higher prices

WEST PALM BEACH, FL (WFLX) - If you are looking to trade in your car, you could end up getting a much bigger pay off.

Dealers are in the midst of a used car shortage, so they're shelling out more money to get those vehicles into their inventories.

Dealers are digging deeper into their pockets to get used cars on their lots.

People right now are holding onto their cars longer, so the pace at which used vehicles would end up at dealerships has slowed down a lot.

That used car shortage, means the prices are jumping up considerably, to record highs.

The average price is up 12-percent from a year ago. A new automotive study found you could pay $1,500 more right now.

Fuel efficient vehicles like the Prius are seeing the biggest increases in price, because they are in the highest demand as gas prices remain very high across South Florida.

The market right now,  great for people to looking to unload their old vehicles, but those same people might run into trouble trying to find a replacement vehicle.

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