It’s been a tough few years for car buyers. Pandemic-related chip shortages sent car prices soaring. Russia’s invasion of Ukraine in 2022 only made things worse.
However, the dust may be settling on car prices — especially used car prices.
According to CarGurus , the average used car price has been on a downward trend since last summer. As of 2 January 2024, it’s $28,247.
While that may sound high, it’s nearly $20,000 lower than the average new car price, which is over $48,000, according to Consumer Reports .The truth is that buying a used car is almost always cheaper than buying a new one (unless it’s a luxury or collectible car that appreciates in value). It often means getting more bang for your buck.But now that used car prices have fallen more rapidly than new car prices have , buying a used car may be an especially good deal.On top […]
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