As recently as 2019, used car shoppers could find a 3-year-old vehicle for about $23,000.
Pandemic-era manufacturing issues have since increased the average age of used cars sold to 6.1 years, up from 4.8 years, according to car-shopping site iSeeCars.com, which analyzed more than 21 million used cars sold in 2019 and 2023.
The average price for all used cars sold increased 33% between 2019 and this year, rising to $27,133 from $20,398, according to the site.
To that point, 58% of sales from used vehicles came from 3-year-old or newer used cars in the second quarter of 2019.
While prices cooled slightly, used cars overall are still expensive; sticker prices are 46% higher than the second quarter of 2018.
Persons:
Karl Brauer, Edmunds
Organizations:
Finance
Locations:
Edmunds