Used car prices fluctuate as demand for affordability rises.

Rising costs of new cars and high interest rates may drive consumers towards more affordable options like used or new economy vehicles, according to a report by Edmunds. The shift towards higher-end luxury vehicles over the last decade has made economy cars less available, with only 17% of new vehicles sold in March under $30,000 compared to 44% five years ago. Car manufacturers are likely to respond to consumer demand for more affordable vehicles, and for consumers unwilling to shift their demand for size, the used car market could offer a more affordable solution.