Consumer Reports discovered that the used vehicle market is becoming increasingly appealing due to soaring new vehicle prices, prompting many shoppers to switch to pre-owned models.
The average listing price for a new vehicle was $47,307, while the average price for used vehicles was $25,415, creating a significant incentive for buyers to consider pre-owned options.
According to a 2023 study from Cox Automotive, 68% of car buyers now evaluate both new and used cars, marking a shift from 55% just two years prior.
Alex Knizek of Consumer Reports emphasizes that car buyers shouldn't have to sacrifice reliability and safety when choosing a more affordable used vehicle.
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