Used pickup prices are skyrocketing amid new vehicle shortage

A shortage of new vehicles has led to steep increases in the price of used pickups, according to Manheim. The automotive wholesaler expects prices to remain high through the end of the year.

According to used automobile wholesaler Manheim, the average wholesale price for a pickup hit $30,093 in mid-April, which is up from #28,121 a month earlier and $17,201 last April when the industry was oversupplied during the worst part of the coronavirus lockdowns. Manheim chief economist Jonathan Smoke said the increase should be reflected in retail prices within six to eight weeks. "This is fundamentally the most extreme demand and supply imbalance that you can envision happening," he said.