Used car prices at record high, chip shortage and high demand to blame

Looking to buy a used car? Consumers can expect high costs and low inventories at the car lot.

Looking to buy a used car? Consumers can expect high costs and low inventories at the dealership lot.

Listing prices for used cars in January were up 40% from the same time last year, according to Carfax. The company said the average listing for a used car is currently $28,000 – a record high.

“Historically you’d think of that as the cost of a new car,” Emilie Voss, director of public relations at Carfax, told ABC News. “We've never seen a number like that for average price for a used car nationally.”

According to Edmunds, the price is even higher: its data showed the average price of a used car is currently $29,594, up 30% from the year prior.