Used car shoppers have encountered sticker shock due to surging costs of the vehicles — and there is fear the spike in prices will continue.
Those shoppers, some of whom waver to the rising costs out of necessity, are not seeing red. The average price of a used car in November, according to automobile dealer Edmunds.com, was $29,011. It’s a sharp increase of 21.4% from the same time in 2020, when the average cost was $22,679.
More than 2 million used-car buyers are purchasing “vastly overpriced used vehicles,” monthly, KPMG said in a December report.
Here’s a look at the rising costs of used vehicles, which experts say