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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.
10 mins ago - World

In reversal, Pentagon now says drone strike killed 10 Afghan civilians

Caskets for the dead are carried towards the gravesite as relatives and friends attend a mass funeral for members of a family that is said to have been killed in a U.S. drone airstrike, in Kabul on Aug. 30. Photo: Marcus Yam/Los Angeles Times via Getty Images

A U.S. drone strike launched on Aug. 29 killed 10 civilians in Afghanistan, including seven children, rather than the Islamic State extremists the Biden administration claimed it targeted, the Pentagon said Friday.

Why it matters: U.S. Central Command said at the time that officials "know" the drone strike "disrupted an imminent ISIS-K threat" to Kabul's airport, and that they were "confident we successfully hit the target."

UN warns of "catastrophic" climate change failure without more emissions cuts

UN Secretary-General António Guterres at a news conference. Photo: Fabrice Coffrini/AFP

A United Nations report released Friday warned that the planet will likely warm by more than 2.7 degrees Celsius by the end of the century unless governments take extra steps to curb greenhouse gas emissions.

Why it matters: The report, released just months ahead of November's UN Climate Summit, highlights the growing pressure on global leaders to crack down on emissions to avert the worst effects of climate change.