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Stream on Used car prices at record high, chip shortage and high demand to blame The average price for a used car is currently $28,000 - a record high. By Amanda Maile February 9, 2022, 12:52 PM 1:53 A used car dealership is seen in Laurel, Md., May 27, 2021. Many car dealerships across the country are running low on new vehicles a.Show More

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Meanwhile, demand isn't going away, even as interest rates for used car loans topped 11% in the third quarter, according to Edmunds. A lot of people have no choice but to drive. A lot of people.

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Key Points Prices on used cars are not dropping because dealers continue to face low supplies of new cars. Consumers appear to be balking at prices: The average time consumers spend looking.

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Sales of used cars that were made in the past 10 years were down 27% in March compared to a year ago, but prices are still 40% higher.

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Used cars are still expensive, like they've been for years. Now a new factor is driving prices higher. Slow car production from 2020-2022 slammed the supply of lightly used cars in.

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Used car prices may finally be peaking. Prices shot up like a rocket earlier this year, soaring 30% between March and June according to the consumer price index, the federal government's main.

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In the years since, factors such as inflation, trade restrictions, and global conflicts have caused demand and prices for used cars to remain high. Still, the basics of careful shopping remain the.

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Used-car prices that climbed by a whopping 45% from June 2020 to June 2021 fell by 8.8% over the 12-month period ending this past December, which seemed like good news for shoppers..

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Video Ad Feedback 'Outrageous' used car prices amid highest inflation in 13 years 02:29 - Source: CNNBusiness Data from Edmunds shows the average price of a used car purchase in December at.

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As demand for used cars wanes, prices should continue to drop. According to J.P. Morgan Research, prices for used cars could fall as much as 10% to 20% in 2023. If the Fed continues to raise.

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January 13, 2022 Revved up US demand for used cars sends prices soaring by Delphine Touitou A shortage of computer chips has stalled auto manufacturing, driving a price increase for used vehicles. The used car market in the United States is seeing an unprecedented phenomenon: owners selling vehicles for as much or more than they paid for them.

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Currently, the average price of a used car hovers around $27,000, with the average interest rate on a used car loan at 11.7 percent. You could wait for economic conditions to improve before.

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615 By Neal E. Boudette Published July 15, 2021 Updated Nov. 2, 2021 Rick Ricart is expecting nearly 40 Kia Telluride sport utility vehicles to arrive at his family's dealership near Columbus,.

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"The used market now faces a challenging year as demand weakens." According to Cox, used-car values fell 14 percent in 2022 and are expected to fall more than 4 percent this year.

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Wholesale prices for used cars and trucks — a leading indicator for consumer used-vehicle prices — are still through the roof due to continued high demand and low supply, according to the.

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Used car prices fell last month. And, though the average new car price rose ever-so-slightly, it was likely a short-term blip in a steady decline. Car shoppers can take their time and make.