Skyrocketing new car prices push buyers towards used vehicles, with a 60% surge in prices over a decade. COVID-19 impacts causing production shortages, spiking average car age to 12.6 years.
High interest rates lead to record repossessions, up by 23%. Americans struggle with payments as average new car loan rates hit 7.3% and used cars at 11.5%.
Some used cars now outlast new models, with Toyota leading in reliability over 200,000 miles. The market shifts towards long-lasting used cars amid economic challenges.
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