Americans are spending more than ever for used cars.
The average price of a used vehicle hit an all-time high for the third quarter of 2018, according to car-buying advice site Edmunds.
At $20,084, the average price was up 3.5 percent from the same period a year earlier and up nearly 19 percent from five years earlier.
And rising interest rates are driving costs even higher.
The average American used-car buyer is now paying a record high of $400 per month — with loans averaging 66.9 months, according to Edmunds. That's the longest ever.
"We’re still seeing prices ratchet up," said Ivan Drury, Edmunds’ senior manager of industry analysis. "It’s definitely changing the landscape of the used-vehicle market."
A shift in preferences toward larger vehicles — namely, SUVs and pickups — is one reason why average prices are moving higher. Passenger cars, which are falling out of favor, are typically sold for lower prices.