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(Iowa) -- The price of used cars continues to remain high here in Iowa and nationwide, due in part to a slowdown in the manufacturing of new cars over the past couple of years.
Todd Thein with the Iowa Independent Automobile Dealers Association says part of that increase is due to new car dealerships holding on to used cars longer:
"Because of the slow new manufacturing process over the last two years, the new car sales were down. Used cars were being held by the new car dealers for sale, thus running the supply level for the new car dealers down.
Thein says there could be some relief in sight, as new car manufacturers including Ford, GM, the Chrysler Group, and Toyota are discounting their new cars up to 10% below MSRP, whereas two years ago, many new car dealers were charging from 10% to 20% over MSRP.
A new report from Used Car News shows the average price for a used car in the United States is $28,381, a 44% increase from the average price in 2018.