DETROIT (AP) — Prices for used cars are soaring so high, so fast, that buyers are being increasingly priced out of the market.
Edmunds.com says the average price of a used vehicle in the United States in November was more than $29,000.
That’s a dizzying 39% more than just 12 months earlier. More than half of America’s households have less income than they’d need to buy the average-priced used vehicle.
Gone are the days when just about anyone with a steady income could wander onto an auto lot and snag a reliable late-model car or buy their kid’s first vehicle for a few thousand dollars.
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