Prices for used cars have gone up an average of 10% over last year, according to a report from Edmunds.com. Some vehicles, such as the Cadillac Escalade and Chevrolet Suburban, are now selling at prices more than 30% higher than what they went for a year ago, Edmunds says. “A lack of confidence in the economy is driving more people to used cars, putting upward pricing pressure on a limited supply of vehicles,” says Joe Spina, an analyst for Edmunds.
Used car prices on the rise
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