For many teens, the first car is a rite of passage. But record used-vehicle prices are dashing their hopes—and stressing out parents.
Chase Smith had been saving for her first car long before she had a license to drive. But when the 16-year-old was ready to buy, she saw the prices and hit the brakes.
“It was definitely very frustrating, especially because all my friends have cars,” said Ms. Smith, who was eager to end her one-hour bus trips to school in upstate New York and stop catching rides from her parents. “But in the end, I just know it’s a smart decision,” she said.
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