New car inventory shortages continue to create a wild, and November 2021 provided more evidence the ride isn't coming to a halt yet. According to the latest data Edmunds released this week, the average used car cost buyers $29,011 in November. Folks, there are than this average used car figure, just to underscore the absurdity of the used car market today.
Edmunds data showed prices are up 28% year-over-year from the November data, the most recent available. The data also breaks down a few used vehicle ages to see how much a newer or older used car costs, and as you suspect, newer used cars cost more. In fact, the average three-year-old used car cost $30,334. Five-year-old used cars cost $25,106 on average, while cars nine years old cost $14,124. The last stat is perhaps the most troublesome since that's a lot of money for nearly a decade-old car.
There's somewhat of a silver lining, though: consumers are receiving a lot more cash for their vehicle trade-ins. The same data showed the average car buyer received $22,918 for their car when buying a new one in November. That figure's up 50% year-over-year.
Flipping to the new car market, prices also remain inflated with the average new transaction price ringing in at $45,872. Notably, that's a few hundred dollars more than the average new car MSRP of $45,209. Car buyers are paying over MSRP just to bring home the car they want, according to this data. And that's with a measly average discount of -- wait for it -- $662 from automakers on new cars.