CarMax Tries to Sell 12 Years Old Ford Ranger for $23,000

The used car market has been particularly problematic for buyers since the start of the coronavirus (COVID-19) pandemic. Used vehicle prices have consistently increased since early 2020, with some options like the 2021 Chevy Corvette currently exceeding their MSRP when they were new. However, one indicator that the situation may be imminent is CarMax’s recent $23,000 price tag for a 12-year-old Ford Ranger.

Reasons for current prices on CarMax and on the used car market

CarMax Logo | Igor Golovniov/SOPA Images/LightRocket via Getty Images

According to the Los Angeles Times, the supply of used cars is very low even in early 2021, and the situation is getting worse as time goes on. Of course, the price of a car will rise if supply is less than demand. As for why the supply is short, there are several reasons.

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