Since the start of the year, the automotive industry has demonstrated impressive resilience, driven by strong consumer demand. Coupled with lower than usual inventory levels, this has yet again resulted in increased prices for both new and used vehicles compared to the previous year. In June 2023, the average price of a used vehicle remained steady compared to May at $39,645, marking a 4.1% year-over-year rise. Average new vehicle prices, on the other hand, reached new record highs at $66,288, reflecting a substantial 21.3% year-over-year increase.
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