What are gas prices doing to car values?

Words we like to hear: vacation, celebration, (standing) ovation.

Words we don’t like to hear: inflation.

You may have noticed that among the many rising price tags, gas is at an all-time high. But, so is used car value. If you’re wondering if there’s any relationship between the two, or are thinking it’s time to do something with your good ‘ol car—also known as your gas-guzzling machine—keep reading as we explore both sides to the question, “Should I junk my car, or no?”

why gas prices are so high

So you get to the gas pump… and see that the price for gas is high. So high that you’re considering never driving a car again. (Kidding, kinda.) Gas prices recently hit their highest levels since 2014 (according to a 2021 study). With socialization and travel picking up, there’s more cars on the road—which means the demand for gas has increased faster than its supply. Unfortunately, in response, oil supplies are low.

why used car prices are so high

Maybe in response to the high gas prices, you’re thinking about purchasing a used car… and then realize used car prices are also incredibly high. Why? Simply: There's a shortage of new cars, and a shortage of workers. The used car selling price has increased 45% in two years. The new car supply chain disruption in both Texas and Michigan has also impacted new cars being made. In turn, (see what we did there?) drivers are looking to the used car world to purchase their new wheels.

the solution

Give your metal…to Peddle! But seriously. Maybe you never thought about receiving cash for junk cars. Hell, maybe you’ve never considered any of your cars to be “junk.” (We get it.) But, we make it easy to find out what your car is worth with a few easy questions. Receive an instant offer, free car pickup, and cash (or check) for your car—all without ever having to give out personal information…or even leaving the couch. Nice.

So maybe it’s not time to give up on cars completely. But it may be a great time to get cash for your junk car and save up for something a little more economically aligned. Although we’re a weeeeee bit biased (who’s to judge?), we think Peddle is a great first step to saving money and fighting inflation.

Now that deserves a standing ovation.