High prices for used cars may be temporary

High prices for used cars may be temporaryAlthough recent reports of record highs in used-vehicle prices have many consumers wary of buying a new car in the current market, experts say the rising costs may not last, according to The Associated Press.

The high price of owning a car these days (in terms of purchasing the car itself and the gas to make it run) has more drivers opting to keep their old vehicles, lowering the supply of used autos on the market and boosting the price tag at the dealership by up to 30 percent, reports the news source.

Since these days new vehicles cost slightly more than their pre-owned counterparts, Morningstar auto analyst David Whiston sees this as a sign that prices have peaked and consumers may not be seeing them at such a high level for long.

"For just a little bit more I can buy a brand-new car," Whiston told the AP. "There's a tipping point. I think we are getting very close to seeing that."

Those who are in need of a new set of wheels should consider using a car loan calculator to see what they are able to afford in the current market.