With new vehicle production stutters caused by a variety of factors like the microchip shortage, more and more people are turning to the used car market…
But this swell in demand coupled with low short-term supply of used vehicles has prices skyrocketing so much they cost more than their factory-fresh counterparts.
I mean, used Toyota Tacomas are going for nearly $40,000, while new ones are $37,000!
This trend should continue well into 2022. And I’ve found a small group of auto stocks set to benefit from this anomaly as long as supply chain bottlenecks persist.
2 Auto Stocks Set to Benefit From Soaring Used Car Prices
The first auto stock set to benefit from heightened used car demand is CarMax Inc. (NYSE: KMX).
KMX is a used-car retailer that has a “no haggle” policy for selling and buying pre-owned cars.
And I’ll tell you now…
I sold my Jeep to CarMax this year, and they outbid the closest competitor by more than $4,000!
KMX is up 50-plus percent over the past year, and earnings estimates have been better than expected each of the past four quarters.
And I expect its price to reach the $170 level over the next three months.
That’s especially true if supply chain issues, inflationary pressures and COVID-19 all remain major influences on the economy.
The next auto stock I have for you is a leading automotive aftermarket parts provider.
It serves both professional installers and do-it-yourself customers.
And similar to KMX, it’s seen gains of over 50% in the past 12 months…
Check out my short video below to get the next auto stock set to benefit from soaring used car prices on my list.
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P.S. What if I said there’s a three-piece blueprint to help traders succeed in all three market climates?
In fact, it’s already helped Chuck Hughes grow one of his accounts 142% on average every month in just 15 months…
And it’s even led a small group of traders to gains of 330%… 274%… and 251%… all in just three months!