BELOW SUPERNAV drop zone ⇩

‘Be prepared to pay a lot’: Used car prices soar

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

CHICAGO (NewsNation Now) — Used car prices are skyrocketing, with the average vehicle costing $20,000.

A recent U.S. consumer price index showed a 10% jump in the past 12 months for prices. It signifies the biggest price increase in decades.

Insider Senior Retail reporter Áine Cain attributes it to a supply and demand issue.

“You’re having the car market basically get squeezed from both ends and it’s really leaving a lot of people reeling when they see these prices,” said Cain.

She explained that a lot of people are looking for cars to travel and head back to work while vehicle manufacturers had to limit supply due to a smaller workforce during the pandemic.

Cain warned that consumers most likely won’t be able to negotiate prices down since the supply is so low.

“It’s quite a dramatic spike. And you’re either going to have to be creative with your car purchasing strategies or be prepared to pay a lot,” stated Cain.

Watch the full interview in the player above.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

57°F Sunny Feels like 57°
Wind
1 mph NW
Humidity
38%
Sunrise
Sunset

Tonight

A few passing clouds. Low 46F. Winds light and variable.
46°F A few passing clouds. Low 46F. Winds light and variable.
Wind
2 mph N
Precip
9%
Sunset
Moon Phase
Waning Gibbous