If you're looking for a used vehicle, but find high prices are prompting you to look for older used models, you are likely not alone. According to iSeeCars, today's late-model used car shoppers have to buy cars more than twice as old as what the same money bought them in 2019.
In its new study, iSeeCars researchers say a combination of restricted used car supply and inflation has forced buyers into much older used cars over the past 4 years. Say you have a $23,000 budget. iSeeCars says in 2019 that would buy you a 3-year-old car. But in today's market, they say it's not enough for an average 6-year-old used car today.
iSeeCars provides this example: In 2019, $14,500 to $16,500 bought a 3-year-old Honda Civic or Toyota Corolla, but today those models would have to be 8 years old to land in the same price range.
Researchers say that fewer new cars produced in 2020, 2021, and 2022 is now reflected in limited availability of 1-to 3-year old used cars and dramatically higher prices.
iSeeCars.com says it analyzed over 21 million used cars sold in 2019 and 2023 and found that the average age of used cars sold increased from 4.8 years to 6.1 years, while the average price across all ages increased 33 percent, from $20,398 to $27,133.
To see the full report and actual numbers on the increase in used car prices, visit iSeeCars here→
Photo Credit: Paul Brennan/Shutterstock.com.