Hot market for used cars sends prices to "bizarre" levels

The reopening U.S. economy and lingering pandemic shortages are driving used cars to their highest prices in years.

The rise has made some vehicles once coveted by consumers for their good value markedly less affordable. For instance, a 2017 Nissan Maxima with nearly 125,000 miles at the Dream Auto Group dealership in Woodlands,Texas, is listed for over $20,500. The dealership also has a pre-owned Dodge Ram pickup truck with 61,000 miles for just over $31,000. "Rising used car prices are a trend that we noticed last summer, and it has really intensified in the past few weeks," said Jessica Caldwell, executive director of insights at car market tracker Edmunds. "You hear numbers that, honestly, I wouldn't pay [$20,000] for a Maxima, especially with that many miles on it. We are seeing bizarre things."