How Commodity Prices Affect Your Junk Car's Value
Two years after the Pandemic, the price of commodities skyrocketed, as supplies could not consistently meet demands. This also increased the prices of junk cars.
The price of commodities also has an inverse relationship with inflation rate. Since 2022, the Federal Reserve has raised interest rates, including in July of 2023 where it hit a high that has not been seen since 2001. In turn, this caused the price of commodities to decrease.
Commodity prices, which determine the market value of raw materials, wield a significant influence on the appraisal of your junk car. A decrease in commodity prices can set off a chain reaction that ripples through various components of your vehicle, affecting its overall worth.
Learn more about how commodity prices affect your car's junk value and fill out our online form to request a quote for your vehicle today.
