Average used car cost $29,000 in November, up 28% since 2020 – Roadshow
New car inventory shortages continue to create a wild used car market, and November 2021 provided more evidence the ride isn’t coming to a halt yet. According to the latest data Edmunds released this week, the average used car cost buyers $29,011 in November. Folks, there are brand new cars that cost less than this average used car figure, just to underscore the absurdity of the used car market today.
Edmunds data showed prices are up 28% year-over-year from the November data, the most recent available. The data also breaks down a few used vehicle ages to see how much a newer or older used car costs, and as you suspect, newer used cars cost more. In fact, the average three-year-old used car cost $30,334. Five-year-old used cars cost $25,106 on average, while cars nine years old cost $14,124. The last stat is perhaps the most troublesome since that’s a lot of money for nearly a decade-old car.
There’s somewhat of a silver lining, though: consumers are receiving a lot more cash for their vehicle trade-ins. The same data showed the average car buyer received $22,918 for their car when buying a new one in November. That figure’s up 50% year-over-year.
Flipping to the new car market, prices also remain inflated with the average new transaction price ringing in at $45,872. Notably, that’s a few hundred dollars more than the average new car MSRP of $45,209. Car buyers are paying over MSRP just to bring home the car they want, according to this data. And that’s with a measly average discount of — wait for it — $662 from automakers on new cars.
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January 4, 2022 at 12:30PM