Brazil’s used car prices surge up to 20%, sales soar with shortage of new vehicles

Used car deals boomed this year, taking the place of new models that vanished from stores due to a shortage of chips for production.

RIO DE JANEIRO, BRAZIL - With demand on the rise, prices have climbed to levels unseen since the Cruzado Plan (in the 1980s). Some models have appreciated by over 20% in one year. In a normal market, cars lose between 15% and 20% of their value after one year of use.

Although the segment is also registering a shortage of units, sales through August set a record, with 7.59 million cars and light commercial vehicles. The figure is 48.8% higher than in 2020, one of the sector's weakest years because of the pandemic, but also 6.6% above . . .

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