Many car shoppers are skipping new car lots and focusing all their attention on the used car market. That is why, for the very first time, Consumer Reports is expanding its online vehicle ratings and recommendations to include used trucks, sedans and SUVs.
“It starts with the fact that the average transaction price for a new car right now is still $48,000, give or take, which is just a ton of money,” said Alex Knizek, the associate director of auto test development for Consumer Reports.
Given the price tag on a new car or truck, it’s no surprise many shoppers are turning to the pre-owned market.
In a survey by Consumer Reports, 40% of Americans who were in the market for a vehicle in the past year were only considering used vehicles. That’s compared to 31% who were only considering new cars and 24% who were open to either.
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