Used car prices up by over 40% from last year

CNN– If you’re looking to buy a used car, you may want to think twice. New data shows the average price for used cars and trucks jumped by 40.5% from January 2021 to January 2022.

Numbers from the U.S. Bureau of Labor Statistics also show more people are buying used cars, and the prices rose even faster than the inflation rate.

If it’s a new car you have your eye on, you’ll still have some sticker shock. The computer chip shortage is contributing to the higher new car price tag. New vehicles are up around 12%, averaging around $46,000.