Cost of used cars going up
Used cars are becoming increasingly difficult to find and more expensive to purchase.The average price of a three-year-old used car has increased 40% since 2019, and during that time, the cost, according to Edmunds data, has risen $10,000 to $31,000.
RELATED: Edmunds: What you need to know about rising used car prices
Scott Lambert with the Minnesota Automobile Dealers Association says the shortage of late-model used cars can be blamed on the pandemic.
“They just simply weren’t producing a lot of new cars in the first half of this decade, because of the pandemic,” Lambert said. “If you recall, we had microchip problems; they couldn’t finish the cars, so there weren’t a lot of cars being produced, and that means there’s fewer used cars on the market now.”
Lambert recommends that if you find a nice used car at a good price, buy it, because he doesn’t see costs going down.
The post Used cars are harder to find, prices going up at Minnesota dealerships first appeared on KSTP.com 5 Eyewitness News.
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