When it comes to getting a used car, our dollars do not go as far now as they did back in 2019. That’s not a surprise. What almost caused me to fall out of my chair were some recent numbers to come out from iSeeCars on just how bad the used car market is. Take a look:
- One-year-old models averaged around $28,000 in 2019, and in 2023, that number has grown to $46,403 – a 67% increase!
- At the same time, older used models saw increases of up to 53% in some cases.
- The average used pricing for models has increased by 33%.
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It’s clear late mode used cars are no longer affordable.
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Source: https://www.autoblog.com/2023/09/21/used-car-prices-older-vehicles/
All the more reason to properly maintain what you are currently driving.
The market needs more competition, the legacy brands are raising prices by artificially lowering supply of inexpensive models in the US - a thing they do not dare to do on other markets.
For example, sales of the RAV4 dropped by around 20% in the US from pre-pandemic levels while demand is still strong and Worldwide RAV4 production rose during the same period.
It seems to be an intentional way of making prices higher.
