The days of buying a later model pre-owned vehicle for less than $20,000 may soon become history, according to a new report.
Used cars listed for under $20,000 comprise 11.5 percent of today’s three-year-old market, down from 49.3 percent in 2019, according to the report from iSeeCars.com, an online car search and research firm.
The company analyzed more than 2.6 million three-year-old used cars and found that average prices have risen almost 41 percent since the COVID pandemic.
This translates to a hike from an average of $23,159 in 2019 to $32,635 in 2025. The largest price growth has been for passenger cars—up by 48.7 percent, while truck prices advanced by 28.8 percent, and SUVs by 15.4 percent….