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Why are used cars so expensive and when will cost go down?

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Certified pre-owned vehicles sit on display at an auto dealership in Miami. Used car shoppers have encountered sticker shock due to surging costs of the vehicles — and there is fear the spike in prices will continue.

AP

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

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You thought new cars were expensive? The average used car price is also absurd

Used cars

The car market is absolutely bonkers right now.


Justin Sullivan/Getty Images

We’ve written a lot about new car prices and their absurdity in the past few months as demand outstrips supply. Basically, manufacturing shortages have been leaving automakers without enough new cars to sell to eager buyers. So a ton of shoppers turned to the used car market — and that shows big-time. This past Thursday, Cox Automotive released fresh data that shows the average used car now costs, are you ready for it, $25,101 as of June 2021.

Here’s my first thought: That’s more than a brand-new Honda Civic. I need to say that to help put the dollar figure into perspective because a $25,000 car is not cheap. We’re not talking ultralow-mileage machines, either. Data showed the average mileage on these cars is 68,613 miles, or about five to six years’ worth of driving. So, we’re really

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Why used cars are so expensive now

Cars sit outside a used car dealership with spray paint on the windows advertising the vehicles.

Used car and truck dealers have bought models for more than their original sticker price. Jim Watson / AFP via Getty Images

  • Used-car prices have skyrocketed over the last year.

  • A supply crunch in new cars is spurring demand for used models.

  • Prices may not return to normal for at least a year, one expert told Insider.

  • See more stories on Insider’s business page.

If you’re looking to get a sweet deal on a used car to take advantage of the warm summer weather, it’s not going to happen.

The market for secondhand cars is absurdly and unprecedentedly hot right now. Used vehicles went for a whopping 40% more in June than they did before the pandemic in February of 2020, according to data from JPMorgan.

The average nine-year-old car changed hands for $13,250 in June, according to automotive research site Edmunds. That’s a 30% hike over the same

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