Used Car Prices Keep Going Up
But analysts discovered that the average used-car price is up 10% versus last year, thanks to tight supply and high demand.
Hyundai was the brand with the greatest increase in used prices at 22%.
As for increase in models, the Chevrolet Camaro came in at the top, seeing a $2,312 or 16% increase versus the year before.
The second-place finisher, the Ford F-150, was up 14% over last year.
While used-car buyers will likely feel a pinch when they buy, both new and used buyers will see a benefit if they're trading in a car for their next purchase.
The higher the used car prices go, the more attractive it becomes to buy a new car since the price difference is less.
If you're the type of car shopper who never considers buying new, now might be the time to at least comparison shop.
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid