Through November, used car prices had risen by 39% in the last year

The average price of a new car topped $45,000 in September. The average selling prices of high-end luxury cars and high-end, full-size SUVs are both more than $100,000. Getty

Used car prices are reaching new highs, with an average selling price of $29,011 in November, as new vehicle manufacturing stalls due to semiconductor shortages and used car stocks in showrooms throughout the country.

In the United States, a used car costs about 39% more than it did a year ago, according to several estimates, this is the very first time that half of the country's households will be unable to purchase a car. Many would-be purchasers have been priced out of the market as prices have risen at a breakneck pace.

A woman paid a visit to Jeff Schrier's used auto yard in Omaha, Nebraska, a few months ago. She explained that she was on a small budget and needed a car to get to work.

5 Jan 2022