Used-car values have broken records over the past year. WSJheard explains that it’s painful for car buyers but good for car owners. WSJWhatsNow
Financially, your car is behaving more like your home right now, bringing new opportunities and hard-to-foresee risks.over the past year, with inflation running at an unprecedented 24%, according to the latest official data. This is painful for car buyers, but there is a less-discussed flip side: It is a great time to be a car owner.
In practical terms, this means cars can be treated a bit like homes during a housing boom. Many consumers may benefit from refinancing, since the extra equity in their vehicle may qualify them for a lower interest rate. And it is a sensational time to downsize or reduce the number of cars you own. Anyone with a 2014 model year is particularly fortunate: Average transaction prices involving seven-year-old vehicles were 38% higher in September than a year before, Edmunds found.
The clearest losers in this situation are those who also feature in the narrative of housing booms: first-time buyers. All the more so since car market conditions will presumably normalize—though that is showing every sign of taking a long time.
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