Americans are spending more than ever for used cars. At $20,084, the average price was up 3.5 percent from the same period a year earlier and up nearly 19 percent from five years earlier.
A shift in preferences toward larger vehicles — namely, SUVs and pickups — is one reason why average prices are moving higher. Passenger cars, which are falling out of favor, are typically sold for lower prices.
Read the article at Detroit Free Press.
The post Used Car Payments Hit Record $400 Per Month as Prices Top $20,000 appeared first on Fleet Management Weekly.
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