ABCNEWS - WATCH: New report points to rising used car prices
Edmunds' director of insights, Ivan Drury, weighs in on a new report showing 3-year-old used cars could top $32,000, and why prices are surging.
Edmunds' director of insights, Ivan Drury, weighs in on a new report showing 3-year-old used cars could top $32,000, and why prices are surging.
The average price of a new auto has climbed to $50,000 compared with $34,000 a decade ago.
Americans financed nearly $44,000 on average for new cars in the first quarter, according to Edmunds.
Rising vehicle prices, auto loan interest rates, and insurance and maintenance costs are making it harder for people to buy or keep cars.
Cars have become so expensive that many Americans are putting off or not buying new cars, hurting the auto industry.