The Regrettable Remedy for Exorbitant Used-Car Expenses: Purchase A Lower Model
This is a classic illustration of how inflation may completely destroy a consumer's purchasing power. Pre-pandemic 2019, the average price of a secondhand car was slightly over $23,000; today, it sells for about $32,500, a 41% rise. In order to keep a car at the same level of affordability in 2023, a buyer with about the same budget would have to settle for a six-year-old model. Furthermore, used prices have already decreased somewhat during the last 12 months.
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This is supported by a recent analysis done on the basis of more than 21 million used automobile transactions that were registered between 2019 and 2023 by the online automotive marketplace iSeeCars.com.
Yes, we may hold the law of supply and demand—our old friend from Economics 101—for pricing many fi...