If used vehicle prices have you thinking about buying a car ten years or older, you're not alone. A new study from iSeeCars indicates that consumers are battling the higher cost of newer cars by buying older models. Since 2014, the number of used cars being sold that are 10 years old or older has increased by 30 percent. Sedans, wagons, and hatchbacks lead the growth. What's more, iSeeCars says despite their increased market share, the price of older cars has gone up by 60 percent since 2014.
The new iSeeCars study analyzed over 169 million used cars sold from January 2014 to June 2024 to identify market trends with older cars, along with the 20 models gaining the most older car market share with shoppers.
Researchers say the popularity of older cars (defined as used models that are 10 years old or older) reflects the rising cost of both new and late-model used cars, yet consumers are still paying substantially more for these older vehicles. The average price of an older car increased more than 60 percent, from $7,583 in 2014 to $12,194 today.
Sedans, Wagons and Hatchbacks Are Popular With Older-Car Buyers
Sedans, wagons, and hatchbacks are proving to be popular with older-car buyers. iSeeCars says they have consistently had lower demand and lower price points than trucks and SUVs. They also age better than larger utility vehicles since they see less demanding use.
The result is increased share within the older car segment for used passenger cars, with models like the Hyundai Sonata, Subaru Legacy, and Mercedes-Benz C-Class more than tripling their older vehicle share.
iSeeCars says used car shoppers can still get most of these sedans, wagons, and hatchbacks for around $10,000 or less.
San Antonio, Houston, Norfolk-Portsmouth-Newport News,VA, Washington, D.C, and Phoenix are the top five metro areas with the largest growth in older car market share from 2014 to 2024. Dallas-Fort Worth ranks 10th on the list, San Diego 12th, Sacramento-Stockton-Modesto, CA, 13th and Los Angeles 24th.
To see this complete iSeeCars comprehensive study, click here.
Photo Credit: cleanfotos/Shutterstock.com.