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Cash-Strapped Car Buyers Are Snapping Up Extremely Used Vehicles

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Forbes, Dec. 2, 2020 – It just doesn’t get any easier for someone who needs a personal vehicle to buy one—especially a new one. Kelley Blue Book reports the average transaction price in November was $39,259, down slightly from October but the third highest in history. An unlikely alternative has emerged that’s a lot more affordable but not necessarily as pretty or packed with the latest technology.

… “Vehicles in the six-to 10-year-old range are important for the market, as they’re typically the go-to options for cash strapped buyers,” said Charlie Chesbrough, senior economist at Cox Automotive, in an email to Forbes.com. “According to an analysis of vAuto Available Inventory data, nearly 90% of 2014 model year-or older vehicles are priced under $15,000 and we can expect a growing population of these older models as a result of the Great Recession recovery.”

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