The Average Cost Of A Used Car Is Now $27,500
The price of used vehicles has skyrocketed over the last year or so as inventory is at an all-time low. In fact, prices are up over 30% from January with the average price coming in around $27,500, according to Car and Driver.
This number is reached by compiling data from various sources but ultimately comes down to the classic supply and demand issue. Both Kelly Blue Book and Black Book are reporting shockingly low inventory saying they are down 15-16% compared to last year. Kelley Blue Book also reported that used cars under $10,000 are the hardest to find. KBB put out a statement saying:
“The average used car list price in America at the end of November was $27,569. That’s 27% higher than in November of 2020. It’s a jaw-dropping 41% higher than in November of 2019, the last month before a COVID-19 was first detected and knocked the world’s economy off its tracks.”
So basically, until automakers can produce enough new cars to meet demand, prices will stay high for new and used vehicles alike.