Lifestyle

Used Car Prices on the Rise: What You Need to Know

Published

4 years ago

June 21, 2021

The impacts of the Covid-19 pandemic are wide-ranging. Some are also easy to overlook. Not every effect of the pandemic is as obvious as others.

For example, rental car companies often sell their vehicles after a year or so. This practice plays a critical role in determining the average cost of pre-owned vehicles. Many used cars are actually formerly rental cars.

However, because travel was extremely limited during the pandemic, when rental car companies sold off their vehicles early, they didn’t buy replacements. The low demand for rental cars made buying new vehicles unnecessary at the time.

This has resulted in a shortage of used cars available to buyers. Because rental companies didn’t buy as many replacements as they typically would, they now don’t have as many vehicles to sell to used car dealers and buyers.

This is one of several reasons used car prices are remarkably high right now. The implications of this for car buyers, owners, and sellers are numerous.

For example, if a car owner was considering eventually selling their vehicle and upgrading to a new model, now may be the best time to do so. Used cars are currently scarce, but that won’t always be the case. As their availability returns to normal levels, so will their prices. If a seller waits to sell their vehicle, by the time they do, they may not get nearly as much money for it as they would if they sold sooner rather than later.

It’s also worth noting that the pandemic made manufacturing and designing new vehicles very challenging for several months. This also contributed to the rise in used car prices. With fewer new vehicles available, buyers had to purchase used cars. Increased demand yielded increased cost.

However, new vehicles are beginning to hit the road again as the pandemic winds down. A buyer might thus sell their used car for a good price now in order to upgrade to a new model.

Even someone who doesn’t currently own a vehicle might want to consider these factors if they were planning on buying one in the near future. This is the case if they initially planned on buying a used car to save money.

Typically, buying a pre-owned vehicle instead of a new one is an effective way to limit spending when a buyer is on a tight budget. However, given that used car prices are currently much higher than ordinary, the amount of money a buyer could save is currently somewhat limited. They may simply be better off buying a new car that’s in better condition and boasts more innovative features.

Additionally, while demand for used vehicles may eventually wane, reducing their cost as a result, experts believe that might not necessarily happen soon. Now that vaccines are available and restrictions are being lifted, many people are buying used cars out of a desire to travel. This trend may continue for at least a year. As such, the high demand for used cars is probably going to remain consistent for some time.

Whether someone plans on buying a car, selling a car, or both, they should remember these points when deciding how to proceed. The rise in used car prices may be one of the more overlooked ripple effects of the pandemic. However, for drivers, it could also be one of the more significant.

Lifestyle

Derik Fay: The Strategist Who Built Empires Where Others Saw Limits

Published

1 day ago

June 22, 2025

Michelle Langton

In the ever-changing landscape of entrepreneurship, few names carry the weight of strategic precision like Derik Fay. Behind the scenes of some of the most dynamic, growth-driven companies in America, Fay has become a master at the art of scaling businesses without sacrificing soul.

What makes his journey all the more compelling isn’t just what he’s done — it’s how quietly and deliberately he’s done it. Born in Westerly, Rhode Island, on a cold November day in 1978, Fay didn’t come from connections or capital. He came from resilience. Raised in modest circumstances, he developed a mindset early on that would come to define his success: if a door doesn’t open, build the damn frame yourself.

At 6’1″, Fay’s physical presence is matched only by the magnitude of his vision. Over the past two decades, he’s grown from a solo operator into a force that touches nearly every major sector in American business. He is best known as the founder of 3F Management, a multi-sector venture and private equity firm that acts less like a bank and more like a command center — diagnosing broken business structures, overhauling teams, and rebuilding revenue engines from the inside out.

But 3F is only the beginning. Fay holds active leadership or board roles across a broad range of ventures, including Around the Clock Fitness, SalonPlex, Results Roofing, BIGG Pharma, Tycoon Payments, Eratyc Entertainment, FayMs Films, and even the combat sports disruptor Bare Knuckle Fighting Championships (BKFC). Each of these businesses reflects a different side of his philosophy: high-functioning systems, vertical integration, and zero tolerance for mediocrity.

And while his public persona is often understated, the reach is massive. His online presence alone has generated billions of views, with over 1.4 million followers engaging with his strategic insights, mentorship content, and thought leadership across platforms. He’s not an influencer — he’s an executor with influence.

Yet behind the numbers and headlines is a family man. Since 2021, Fay has shared his life with his partner, Shandra Phillips, whose presence he often credits as grounding his often chaotic, deal-driven world. Together, they raise two daughters, Sophia Elena Fay and Isabella Roslyn Fay — the true north to his professional compass.

Despite his vast portfolio, Fay is not driven by applause. He’s driven by the ripple effect. Every deal, every venture, every mentorship session carries the same intention: to leave people, companies, and communities better than he found them.

He’s also begun exploring a new frontier — film and entertainment. Through FayMs Films and strategic partnerships with entertainment studios, Fay is merging business with storytelling, stepping occasionally into the spotlight as an actor and executive producer. It’s a logical evolution for a man who’s spent his life crafting narratives — only now, some of them play out on screen.

And while many entrepreneurs spend their careers chasing validation, Fay has been repeatedly recognized in major outlets like Forbes, Yahoo Finance, and Maxim, not for buzz but for results. He’s been cited alongside legacy names in global business and continues to operate with the same laser-focus that got him through his first startup, his first failure, and his first million-dollar win.

In a time when founders obsess over being seen, Derik Fay has built something far rarer — he’s become essential. Not just to his companies, but to the evolving definition of what modern leadership looks like: measured, disciplined, people-first, and unapologetically ambitious.

He doesn’t just build businesses.
He builds systems that build people.

Derikfay.com