Used Cars Are Finally Getting Cheaper

• Used car prices for one- to five-year-old models are down 4.7 percent in 2024. 
• Those used cars have fewer miles, too. 
• Prices remain above pre-pandemic levels. 

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Over the last few years, people shopping for a used car often ran into ever-increasing price tags when they toured a dealer lot. While the average price of a used car remains well above pre-pandemic levels, new data shows that costs are coming down. Finally.

A new iSeeCars study reveals that the average price of a one- to five-year-old used car is down 4.7 percent from 2023 to $32,672, which is still 40.1 percent more than the 2019 average of $23,314. However, people buying used cars are also purchasing vehicles with fewer miles on average, which is down 2.8 percent from last year to 39,109. Essentially, people are paying less for more.

The shift downward in price is also related to the share of available used cars under the $20,000 mark. There was only one in 2023: The Hyundai Elantra. Now there are two others—the Chevrolet Malibu and the Toyota Corolla. All three are now priced under $20,000 on average, and that’s good for consumers.

Prices are down for many popular models from 2023-2024 like the Jeep Grand Cherokee (-9.2 percent), Ford Explorer (-7.4 percent), and Subaru Outback (-6.7 percent), alongside milage. Honda Accords under $20,000 saw their average mileage drop 15.3 percent, from 93,858 to 79,513, but it, too, remains high compared to 2019 when the average Accord under $20,000 had 41,836 miles on average.

While prices and mileage are starting to come down, they remain far above pre-pandemic levels, and it could still take several years before the market is even close to what it was in 2019. It may never actually get there, but at least it’s moving in the right direction.

Check out the full study at the source link below. 

By The Numbers

Used EVs Are Now Cheaper Than Used Gas Cars

Old Used Car Prices Are Spiking Because New Cars Are Too Expensive

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