Money Minute: New vs. used cars

Money Minute: New vs. used carsMoney Minute: New vs. used cars

Looking to upgrade your old ride? If you want a used car, get ready to pay.

“Used car prices are high and are going to be high,” said Scott Lambert with the Minnesota Automobile Dealer Association.

He says you can thank remnants of the pandemic when new cars weren’t available. Now, years later, instead of a shortage of new cars, there’s a shortage of used cars.

“It’s created a bubble in the market,” Lambert adds.

So once you pick out the used car you want, watch those prices and compare them with a new car.

In a simple search, 5 EYEWITNESS NEWS reporter Paul Folger found a 2025 Toyota Camry that’s certified for under $28,000 with 30,000 miles.

At that same dealer, there’s also a 2026 Toyota Camry LE for under $31,000.

Obviously, the new car brings you a full warranty with zero wear on the car for a few thousand dollars difference.

Lambert says the other thing to remember is even your trade-in is worth more nowadays and will remain that way until the used car shortage bubble is done.
The post Money Minute: New vs. used cars first appeared on KSTP.com 5 Eyewitness News.