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Source: Manheim; Data: Axios Visuals

The average used vehicle is now worth $17,609, according to Manheim's Used Vehicle Value Index. Pickup trucks, in particular, are fetching much higher prices than they were worth just a few months ago.

Why it matters: The supply-and-demand dynamics are unlikely to change soon. The chip shortage is ongoing and has caused Ford, the maker of the best-selling vehicle in America, to cut its Q2 production by 50%.

Between the lines: Trade-ins are now becoming very difficult. Normally, dealers buy an old vehicle at a discount to what it's worth and hope to sell it at a profit.

  • Now, they need to worry that the whole market will crash from its current frothy highs.

Go deeper

Apr 29, 2021 - Economy & Business

Ford to lose half its Q2 production due to chip shortage

Illustration: Sarah Grillo/Axios

The semiconductor shortage that is roiling the global auto industry will get worse before it gets better, Ford Motor Chief Executive Jim Farley warned Wednesday.

Why it matters: The chip shortage, which GM President Mark Reuss called the worst supply chain crisis in his career, means car buyers will continue to face fewer choices and higher prices.

  • And it's making the industry's pandemic recovery even harder.
Updated 15 mins ago - Science

Blizzard likely to hit New England this weekend as "bomb cyclone" forms

Computer model projection of the precipitation and wind field from the weekend storm in the Northeast. (Earth.nullschool.net)

A powerful blizzard is likely to strike parts of New England and the Mid-Atlantic beginning Friday and lasting into the weekend, with snow totals that are likely to be measured in feet.

The big picture: The joining of weather systems embedded in both the polar, or northern branch, of the jet stream and the southern branch is projected to create a bomb cyclone. Such storms undergo a process known as bombogenesis, with their minimum central air pressure readings plunging at least 24 millibars in 24 hours.

Schumer vows to confirm Breyer replacement "with all deliberate speed"

Chuck Schumer. Photo: Alex Wong/Getty Images

Senate Majority Leader Chuck Schumer responded Wednesday to reports that Supreme Court Justice Stephen Breyer will retire, commending his time on the bench and promising to confirm President Biden's nominated replacement "with all deliberate speed."

Why it matters: The opportunity to appoint a new Supreme Court justice will be one of the longest-lasting pieces of Biden's legacy and could energize Democrats ahead of the midterms.