You Won’t Believe How Much The Average Used Car Cost Is In America These Days
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…
WHITTIER, CA – JULY 23: New Toyota cars and trucks are sold at Toyota of Whittier on July 23, 2008 in Whittier, California. Toyota Motor sold almost 300,000 more vehicles than General Motors in the first half of 2008 putting the Japanese automaker on a course to overtake GM, the world’s biggest automaker for the past 77 years. The 2.41 million vehicles that Toyota sold in the second quarter was 2 percent more than the previous year while GM sales fell 5 percent to only 2.28 million. Record gas prices have led to lagging demand for big trucks like those that GM sells while Toyota has had much success with high mileage cars like its hybrid Prius. (Photo by David McNew/Getty Images)
Photo by David McNew/Getty ImagesWe'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.
