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Internet-bound used-car shoppers likely to spend north of $18,000

Posted on Tuesday, August 25, 2015 at 8:19:55 AM

Increasingly, when shopping for used cars, people are searching for their auto financing online, which may be a good thing, since they'll probably want to be sitting down when they hear how much that old vehicle likely costs.

An Accenture survey of 10,000 consumers revealed that 75 percent of the respondents polled would consider tackling the entire car-buying process online. More and more often, the search for auto financing and vehicles themselves is moving to the Internet, where people browse used cars priced north of $18,000.

The auto market is changing in all sorts of ways as its boom period continues - car-buying is an increasingly more accessible process, but affordability is creeping further from reach as average prices for used vehicles - and by extension, likely new ones as well - continue to rise.

In the second quarter of 2015, the average used-car price rose $1,300 over the previous three months to $18,800, according to an Edmunds.com study. As consumers increasingly take to whatever means they can to seek auto financing and purchase vehicles as the market recovers from its 2009 nadir, prices will likely continue to rise, which means it's time for prospective car-buyers to start surfing the Internet.