Since the start of this year, the automotive market has shown remarkable strength with robust demand leading to higher prices for both new and used vehicles compared to the previous year. The average price of a used vehicle in March 2023 remained stable compared to last month, hovering just around $39k, a 5% year-over-year increase. In contrast, new vehicle prices hit a record high of just below $62k, representing a significant 17.4% year-over-year increase.

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