Used car prices are vaulting to record highs with an average price tag of $29,011 in November, as new vehicle production slows down because of chip shortages and inventories of second-hand cars dwindle in dealerships throughout the country.
A used car in the United States costs approximately 39 percent more than what it did a year back, and according to some estimates, this is the first time half the households in the country are in a situation where they wouldn’t be able to afford a car. Prices have gone up at a blistering pace pricing out many would-be buyers from the market.
