Car buyers face a daunting market, even among falling prices for used vehicles

Oct 30, 2024
The gap between the average price of a new and used vehicle eclipsed $20,000, according to Edmunds — the widest gap since the site started tracking it in 2004.
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Car prices are still stubbornly high

Aug 21, 2023
$20,000 used to be the starting point for a new car. Now there’s only one remaining model on the market that sells for around that figure … the Mitsubishi Mirage.
More consumers and carmakers are focused on bigger, more expensive cars. And with the pandemic chip shortage, the average price of a vehicle has ballooned to $50,000.
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Why are used car prices still so high?

Jun 13, 2023
The microchip shortage of recent years put the brakes on the production of new cars. That's making for a low supply of used cars now.
While used car prices are down from their pandemic peak, they're still about 40% higher than before COVID, according to government data.
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