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Used Vehicle Prices Rising, Pushing Buyers to Look at Leasing

Rising interest rates hastening trend.

by Michael Strong on Nov.09, 2018

Used car shoppers are finding higher prices than ever for vehicles.

New vehicle prices have reached all-time highs this year and now used vehicles, the haven for car buyers looking for a deal, have now joined new cars, setting a new pricing benchmark.

The average price of a used vehicle is now $20,084, the highest since 2005 and a 3.5% increase year over year, Edmunds notes, adding that increase is rising as it jumped to 5% in Q3. American preferences for expensive new trucks and utility vehicles pushed new vehicle prices over the $36,000 mark, according to Cox Automotive.

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In short, buyers are paying more for a vehicle and with interest rates rising, the options for cutting down that monthly payment are getting tougher. (more…)