Dusty Johnson (no, not that one), general manager of CarSwap in Sioux Falls. SDNW photo.
SIOUX FALLS, S.D. (KELO.com) — A slowdown in production of new cars during the COVID-19 pandemic has put great pressure on the used car market, leading to low used car inventories and skyrocketing prices.
Meanwhile, heightened demand for cars among consumers, many flush with pandemic relief money or tax return funds, has led to a hot used car market rarely if ever seen in South Dakota.
Good used cars at affordable prices are hard to come by and they don’t last long, creating a fast-moving, high-priced market.
One Rapid City used car dealer said his lot that usually holds about 100 cars now has only 20, and some cars are selling for double their usual prices.
In the latest article published by News Watch, available here, reporter Andrew Rasmussen examines the causes for the frenzied used car market in South Dakota and shares how it is affecting buyers and sellers.
(SDNW contributed this report.)
