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Used car sales skyrocket as high prices drive down new car sales | KVAL

If you think new cars are getting too expensive, you’re certainly not alone. According to a report Monday by The Wall Street Journal, the gap between the price of the average new and used vehicle is as wide as it’s been in five years, pushing buyers away from dealerships and towards used car lots and classified ads.

However, demand for vehicles has still stayed strong, and as more new vehicles reach the end of their lease terms, there’s a surplus of low-mileage, relatively new cars, trucks, and SUVs for buyers to choose from.

According to the report, the average price paid for a new vehicle hit an all-time high of $36,848 in the U.S. in December of 2017 and dropped slightly to $35,828 in the second quarter of 2018, while the average price of a 1-3 year old used car in the same quarter was $22,489, a difference of nearly $13,500.

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Used car sales skyrocket as high prices drive down new car sales | KVAL.