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What’s behind the used car sales boom?

Used cars are displayed on a sales lot on June 9, 2011 in San Rafael, California. Justin Sullivan/Getty Images

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Used car prices hit a record high this summer according to recent data from the business and research firm Cox Automotive. Economists there found car prices for July, which is usually a slow month, were up 5.1 percent from the same month last year. Why is this happening?

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