"I've never seen anything remotely close to this - it's craziness," said Schrier, who has been selling autos for 35 years. The days when just about anyone with a steady income could wander onto an auto lot and snag a reliable late-model car or buy their kid's first vehicle for a few thousand dollars have essentially vanished. And for the first time that anyone can recall, more than half of America's households have less income than is considered necessary to buy the average-priced used vehicle. Prices have soared so high, so fast, that buyers are being increasingly priced out of the market.Ĭonsider that the average price of a used vehicle in the United States in November, according to, was $29,011 - a dizzying 39% more than just 12 months earlier. "We just helped her out," he said.Īs prices for used vehicles blow past any seemingly rational level, it is the kind of scenario playing out at many auto dealerships across the country. Schrier isn't sure he made any profit on the deal. The woman eventually settled on a 2013 Toyota Scion with a whopping 160,000 miles on it. The vehicles had far more age or mileage on them than she had expected for something to replace a car that had been totaled in a crash. "'That's what I get for $7,500? '" he recalled her saying.
She was shown three cars priced at her limit, roughly $7,500. She was on a tight budget, she said, and was desperate for a vehicle to commute to work. DETROIT - A couple of months ago, a woman paid a visit to Jeff Schrier's used car lot in Omaha, Nebraska.
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