Defying past predictions, the average price of a used car has hit a 13-year high, up 17.6 percent compared to the same period five years ago.
With an average price of $22,685, the average three-year-old used car only spent 41 days on the market. That’s tied with last year, a number that has fallen from 55 days in 2005.
“Off-lease cars are flooding in the market,” said Ivan Drury, senior analyst at Edmunds website. But with more motorists ready to rid themselves of their jalopies in a strong economy, “the market is doing a good job of absorbing the large quantity.”
Read the article at USA Today.