Study: Used Car Prices Have Increased by Nearly 50% Since 2019
Motorsport

Study: Used Car Prices Have Increased by Nearly 50% Since 2019

The prices of used cars have seen a significant increase in recent years. On average, prices have gone up by 47.7% since 2019. Additionally, the mileage on these vehicles has also increased by 46% compared to four years ago. This poses a challenge for buyers looking for affordable used cars, as they may need to spend more money on older vehicles with higher mileage.

These findings come from a recent study conducted by iSeeCars, a popular website that offers data and guidance for purchasing used vehicles. The study revealed that popular car models such as the Honda Civic and Toyota RAV4 are now 41% to 46% more expensive than they were in 2019. Full-size trucks like the Ford F-150, Chevrolet Silverado, and Ram 1500 have seen price increases ranging from 30% to 50% during the same period. In terms of actual prices, the average used car price has risen from $23,351 to $34,491 in four years.

Not only have prices gone up, but the average mileage on used cars has also increased by 45.7%. In 2019, the average mileage was 43,541 miles, which has now risen to 63,457 miles. Full-size trucks experienced an even higher increase in mileage, with an average of 49% to 53% more miles. The Honda Civic and Toyota RAV4 saw mileage increases of 81% and 139.6%, respectively.

The study by iSeeCars analyzed over 10.8 million used vehicles aged one to five years. Apart from the price and mileage increases, the study indicated that finding a $20,000 car with less than 44,000 miles is becoming increasingly difficult. In 2019, 20% of the used car market met these criteria, but that percentage has now dropped to 11%, with the average vehicle having over 63,000 miles.

However, there is some good news as well. Another study by iSeeCars found that used car prices have actually decreased this year. Overall prices dropped by 4.7% from September 2022 to March 2023 and 8.7% compared to the previous year. Notable models with the largest price declines include the Tesla Model 3, as well as SUVs from Nissan, Infiniti, and Land Rover, all of which saw prices drop by around 20%.