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Remember buying your first car? Mine was a 72 Ford Maverick which I paid $350 for and that car lasted for 5 years. Then I sold it for $500. It is rare you make money on a used car. Prices for a new or used car can be crazy high. You have to shop around and do your homework to get a good deal. If you have been window shopping for a new car lately you may have noticed the high sticker prices, Yep, used cars are at an all-time high.
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How Much Higher Are Used Car Prices?
According to fox47news.com used car prices are up a whopping 20 percent. In Detroit for instance, the average used automobile price is up more than 20 percent. That s $4,482 higher on average, according to iseecars.com. I had a few friends that sold cars over the years and they said it s better to buy a used car a year or two old, rather than a new one. because once you drive a new one off the lot it depreciates around $10,000. This may not be the case anymore.