We’ve all probably heard about the insane increase in prices of used cars in the past two year, but this number surprised even me!
According to Edmunds.com, the average price for a used vehicle in the United States as of November 2021, was a whopping $29,011! That number has gone up over 39% in a year.
I remember when I was buying my first car, which just so happened to be used, there were tons of options, at every price tag. Now it seems, the options are slim, and the prices are high. I paid the new used car average for my brand new car just a few years ago… that’s crazy!
What’s worse; experts are saying the inflation on used car prices isn’t going to go down drastically, at least in the foreseeable future. With down payments, and high interest rates, you could find yourself stuck with a hefty monthly car payment.
Interestingly enough, my boyfriend and I were just talking about how it is a trend for Gen Z to not get their licenses. According to a new report done by Lang Marketing , more than 40 percent of 19-year old Gen Z Americans do not have a driver’s license. For retrospect, in 2010, 75 percent of those same aged kids had their license.
Whether it’s environmental concerns, safety, or Gen Z just prefers to use ride sharing apps, I’m not entirely sure, but I can tell you that the high price tag on used cars is not going to have them driving anytime sooner.