Used cars costing consumers $10,000 more than 'normal' as inflation rages

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Used cars costing consumers $10,000 more than 'normal' as inflation rages
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It's a bad time for consumers looking to buy a used car.

, with prices up 7.1% from the previous year, according to the most recent consumer price index from the Labor Department. Prices in June — after briefly declining in April and moderating in May — surged again, jumping 2.2% on a monthly basis.

The trend is particularly evident in "nearly new" cars that are between 1 and 3 years old. In June, these types of vehicles were listed at an average price of $42,314, an all-time high. That is 1% higher than the increase recorded in May and about 45% – or roughly $13,145 – above projected normal levels.

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