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IPFS News Link • Transportation

Teens Struggle To Score First Car As Used Car Prices Remain Absurd

• by Tyler Durden

And now - as the far more mild Omicron strain enters the rear-view mirror and things begin to return to normal - used cars have become so expensive that many teens can't afford them, according to the Wall Street Journal.

Used car prices were already rising before the pandemic - however in the last two years, supply-chain disruptions have caused significant production problems throughout the auto industry.

In January, the average listing price for a preowned car reached $28,500 - a 31% jump over last January. New vehicles rose 12% over the same period - causing price-sensitive buyers, particularly younger ones, to hold off on their first vehicle.

The Manheim US Used Car index was up 45% y/y in January.