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Used Car Prices Are Now Rising Faster Than Bitcoin, Other Assets

by Crypto News
December 28, 2021
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Used Car Prices Are Now Rising Faster Than Bitcoin, Other Assets
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Image for article titled Used Car Prices Are Now Rising Faster Than Bitcoin, Other Assets

Picture: Jim Watson (Getty Photos)

Excellent news you probably have a used automotive however don’t have bitcoin: Used auto costs are rising sooner than bitcoin and different belongings, market researcher Jim Bianco told CNBC.

“If you wish to know what the very best funding you in all probability had in 2021, it’s that automotive sitting in your driveway or in that storage,” the Bianco Analysis President instructed CNBC’s “Trading Nation” on Thursday. “It’s appreciating sooner than the inventory market and these days sooner than some cryptocurrencies.”

This evaluation is predicated on the Manheim index of used automotive costs – which is designed to trace pricing traits within the automotive market.

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Image for article titled Used Car Prices Are Now Rising Faster Than Bitcoin, Other Assets

Picture: Getty

Previously 4 months, these costs have gone up greater than 20 p.c. That’s greater than the S&P 500 and greater than bitcoin itself.

Bitcoin is up about 5 p.c over the previous 4 months, and the S&P 500 is up about 26 p.c up to now this yr. This means you’re in a greater monetary place should you’ve acquired a few used automobiles in your driveway relatively a few bitcoin in your laborious drive.

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Bianco cites two drivers in the used car market – semiconductor shortage and speculators who want to flip vehicles for a profit.

January 1995 = 100

January 1995 = 100
Graphic: Manheim

Manheim reports auto prices are at a record high. In November, the average new car prices was just over $46,000 and the average used car was around $27,500. That’s a 27 percent increase from the same time in 2020.

Bianco said that this market has all the tell tale signs of a bubble.

In a market where used car prices are supposed to be a depreciating asset, they’ve continued to rise in price. And Bianco says this year prices have gone up 49-50 percent.

As for when these sky-high prices could start to come back to Earth, Bianco says it’s anyone’s guess.

“This could go on for another year. It could go on for two more weeks,” Bianco said. “The activity that you’re seeing is probably bubblicious.”



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