The price of used cars has soared over the past year by an average of 40%, while Dodge Grand Caravan jumped the most at 69%, finds a study from Edmunds.
iStock(NEW YORK) Looking to buy a used car? Consumers can expect high costs and low inventories at the dealership lot. Listing prices for used cars in January were up 40% from the same time last year, according to Carfax. The company said the average listing for a used car is currently $28,000 – a record high. "Historically you'd think of that as the cost of a new car," Emilie Voss, director of public relations at Carfax, told ABC News. "We've never seen a number like that for average price for a used car nationally." According to Edmunds, the price is even higher: its data showed the average price of a used car is currently $29,594, up 30% from the year prior. The ongoing global microchip shortage is to blame for rising costs. Manufacturers cannot acquire enough chips to keep production lines running and the demand for used cars is high. "We're seeing record prices and part of that is a severe lack of used car inventory," Voss said. &qu