Even Used Cars Are Unaffordable

Used car are on display on a lot in Wexford, Pa., Thursday, Sept. 29, 2022. (AP Photo/Gene J. Puskar)

At a glance

  • Car shoppers are finding that even used cars are unaffordable as prices and interest rates soar.
  • That’s reflected in the latest financial results from CarMax, the nation’s largest used-car dealer. It reported that earnings plunged 54 percent and the number of cars sold in the quarter fell 6.4 percent.
  • CarMax blamed “vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates and low consumer confidence.”

 

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