If you happen to suppose used automotive costs elevated considerably within the final a number of years, you are not mistaken. On common, costs are up 47.7 p.c since 2019. Mileage can also be up, with most autos having 46 p.c extra miles on the odometer than the identical fashions 4 years in the past. This implies consumers looking for an affordable used automotive face the issue of spending extra money on an older automotive or one with extra miles.
These are the findings of a latest examine by iSeeCars, a preferred web site that gives knowledge and steering on buying used autos. In accordance with the outcomes, well-liked automobiles just like the Honda Civic or Toyota RAV4 are 41 to 46 p.c dearer right this moment than in 2019. Full-size vehicles just like the Ford F-150, Chevrolet Silverado, and Ram 1500 elevated 30 to 50 p.c in the identical interval. By way of {dollars}, this implies the typical used automotive worth rose from $23,351 to $34,491 in 4 years.
However it’s not simply costs that elevated. The typical used automotive’s mileage additionally elevated 45.7 p.c, going from 43,541 to 63,457 miles in the identical time interval. Mileage on the full-size vehicles listed above elevated a median of 49 to 53 p.c, whereas the Honda Civic and Toyota RAV4 had been up 81 and 139.6 p.c, respectively.
To provide the examine, iSeeCars analyzed over 10.8 million one to five-year-old used autos. Along with the will increase in costs and mileage, it discovered that the times of the $20,000 automotive with lower than 44,000 miles are numbered. Whereas 20 p.c of the used automotive market met these standards in 2019, solely 11 p.c of the market is priced between $15,000 and $20,000 right this moment, with the typical car having over 63K miles.
Nonetheless, one shiny spot is that used automotive costs dropped this 12 months. In a separate examine, iSeeCars decided that general costs decreased 4.7 p.c from September 2022 to March 2023 and eight.7 p.c year-over-year. Among the many fashions with the biggest declines are the Tesla Mannequin 3 and SUVs from Nissan, Infiniti, and Land Rover, all of which dropped round 20 p.c.
