Continuing its escalating streak, used car prices have hit an all-time high once again, USA Today reports.
In order to save a bit a money, some consumers prefer to opt for a used vehicle rather than buying a brand new one right off the lot. However, records for April document yet another month that the price of used cars is steadily rising, according to Automotive News.
The source attributes this increase to the delay in production at Japanese supply chains due to the March earthquake, as the plants are now operating at a much slower pace and don't plane to resume normal activity until later in the year.
"Wholesale used vehicle prices are now being supported by the new-vehicle market's tight inventories, steady demand and higher net transaction prices," Manheim, a firm that organizes wholesale auto auctions for used-car dealers, told the news provider.
The current used-car price index is 126.6, which increased from 124.2 in March. Consumers may want to use a car loan calculator to determine whether or not they can afford a pre-owned vehicle in this market.