Headline: New York Times, 4/2/2022
Screenshots from YouTubeSheldon Sandler, a Wall Street accountant turned car dealership sales broker, agreed. “Every dealer today is making money hand over fist,” he said. “Dealers are making money with all brands, even second- or third-tier ones.”
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Well, what if folks just back and refused to be suckered into buying a new or sued car right now.
The price of used cars is also having a historically high impact on overall headline inflation, according to White House economic advisor Jared Bernstein. Bernstein, who sits on Biden’s Council of Economic Advisers, wrote that he finds used cars’ impact on headline inflation “remarkable and revealing.” [emphasis added]
“It’s a reminder of how extremely unusual this current inflation is,” he continued. “The world has not forgotten how to produce new (and thus used) cars and we should expect this series to revert once the underlying supply constraint eases.”Revealing, indeed!
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