Jim Watson/AFP via Getty Images Looking to buy a used car? Consumers can expect high costs and low inventories at the dealership lot.
Listing prices for used cars in January were up 40% from the same time last year, according to Carfax. The company said the average listing for a used car is currently $28,000 – a record high.
According to Edmunds, the price is even higher: its data showed the average price of a used car is currently $29,594, up 30% from the year prior. “We're seeing record prices and part of that is a severe lack of used car inventory,” Voss said. “What we hear about with the car chip shortage impacting production, that is trickling down to used cars.”
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