Jan. 5, 2022—The average price of a used car has skyrocketed over the last year, reaching nearly $30,000.
According to a report from The Detroit News citing data from Edmunds.com, the average used-vehicle price in November was at $29,011, which marks a 39 percent increase compared to the same time in 2020.
Consumer inflation jumped 6.8 percent from November 2020 through November 2021, the highest 12-month jump in nearly 40 years, and the federal government reported that used vehicles were one of the biggest factors in that increase.
Along with used vehicles, new vehicles are also seeing staggeringly high prices—according to the report, the average price of a new car is quickly approaching $46,000.
