With rising interest rates and the shadow of tariffs across their wallets, more Americans are opting for used vehicles. This, in turn, is driving up the prices of used cars. According to vehicle-buying site Edmunds, the average price of a used vehicle hit an all-time high in the third quarter of 2018, reaching $20,084. This figure is 3.5 percent higher than the same period last year, and up nearly 19 percent from five years ago. Compare this to the fact that Americans are paying an average of $37,007 for a new vehicle right now, according to Cox Automotive. More Americans are choosing their budgets rather than their desire for the newest features.
Read the full article at Cantin Automotive Insider.