Bianco cites two bullish drivers in the used car market. The first is those getting priced out of new cars due to the semiconductor shortage.
Kelley Blue Book reports auto prices are at record highs. In November, the average price for a new car cost $46,320 and used ones hit $27,569, a 27% increase than the same time last year."What we're seeing in used cars is a rush for people to buy them, and a rush for people to speculate on them," he noted."Buy it now because it's only going to get more expensive.""It has all the tell-tale signs of a bubble," he said.
He believes inflation will decrease in 2022, but its descent will be a lot slower than most people think. As for a peak in auto prices, Bianco suggests 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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