Used car prices accelerate faster than ever

Dean Slather, Cross Pointe Auto
Dean Slather, Cross Pointe Auto

NewsChannel 10

Amarillo, Texas - Gas prices aren't the only thing going up these days.... Used car prices are now as high as they've ever been.

If you stroll out onto any used car lot in the area.. Or really, across the nation, and are looking for a Hyundai expect to pay 22% more than you would have just a few months ago.

In the market for a Ford? Be prepared to shell out 14%more. In many cases, that's a difference of several thousand dollars. You can blame several things for the increase.

First, high gas prices are driving people to get smaller, cheaper, more fuel efficient cars... And there aren't enough of them on the market to meet the demand.

Second, the disaster in japan is throwing a kink into things. Dean Slather with Cross Pointe Auto says, "The fact that a lot of Japanese manufacturers and even the American manufacturers that gets parts and supplies from Japan. The demand is there for those parts, but they're not able to come in. I just see the market getting more expensive."

Dealers we spoke with say they can't ever remember a time when prices went up this high, this quickly.