Teens Struggle To Score First Car As Used Car Prices Remain Absurd
American teenagers have gotten the short end of the stick for more than two years – being forced to attend school either in a mask or via Zoom, while missing out on countless rites of passage despite their virtually nonexistent chance of falling seriously ill from Covid-19.
And now – as the far more mild Omicron strain enters the rear-view mirror and things begin to return to normal – used cars have become so expensive that many teens can’t afford them, according to the Wall Street Journal.
Used car prices were already rising before the pandemic – however in the last two years, supply-chain disruptions have caused significant production problems throughout the auto industry.
In January, the average listing price for a preowned car reached $28,500 – a 31% jump over last January. New vehicles rose 12% over the same period – causing price-sensitive buyers, particularly younger ones, to hold off on their first vehicle.
The Manheim US Used Car index was up 45% y/y in January. – READ MORE
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