Cheap Used Cars Are Gone

Remember the good 'ol days, when you could find a reliable used car at a fair price? Those days are gone and Reuters reports it's pushing already poor Americans over the edge.

Over 7 million people are three months or more late on auto loans. And the fact that, for many, a car is necessary for employment only exacerbates the problem.

Between cash for clunkers and a production downturn, used vehicles have become so rare that average prices on a 10-year-old vehicle have increased 75% over the last decade. In contrast, average new car prices have only increased 25%.

Scott Rusk

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