Used car prices are up by over 40% from last year
Published: Feb. 14, 2022 at 12:59 PM EST
(CNN) - Those looking to buy a used car may want to think twice.
New data shows the average price for used cars and trucks jumped by 40.5% from January 2021 to January of this year.
Numbers from the U.S. Bureau of Labor Statistics also show more people are buying used cars, and the prices rose faster than the inflation rate.
Those who have their eye on a new car still will have some sticker shock. Prices of new vehicles are up around 12%, averaging around $46,000.
The computer chip shortage is contributing to the higher new car price tag.
Overall travel is just pricier. Gas prices are up 40%, averaging around $3.50 a gallon.
Other services like airlines, buses, and trains have increased 5.6%.
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