Over the past few years, the cost of buying a used car has been steadily increasing, making it challenging for buyers to find affordable options. However, recent data shows that there is some good news on the horizon. According to a new study by iSeeCars, the average price of one- to five-year-old used cars has decreased by 4.7 percent in 2024, dropping to $32,672. While this is still significantly higher than the 2019 average of $23,314, it is a step in the right direction for budget-conscious consumers.
Not only are prices going down, but the average mileage of these used cars is also decreasing. On average, the mileage of one- to five-year-old used cars has dropped by 2.8 percent from last year, now standing at 39,109 miles. This means that buyers are getting more value for their money, paying less for cars with fewer miles on the odometer.
The study also highlights specific models that have seen significant price decreases from 2023 to 2024. For example, the Tesla Model 3 has experienced a 41.0 percent drop in average price, while popular models like the Jeep Grand Cherokee, Ford Explorer, and Subaru Outback have also seen price reductions ranging from 6.7 percent to 9.2 percent. Additionally, certain models such as the Hyundai Elantra, Chevrolet Malibu, and Toyota Corolla are now priced under $20,000 on average, providing more affordable options for buyers.
While these price decreases are a positive development for the used car market, prices and mileage levels are still higher than they were before the pandemic. It may take several more years for the market to fully recover and potentially return to 2019 levels. Despite this, the current trend of decreasing prices and mileage is a step in the right direction for consumers looking to purchase a used car.
Overall, the latest data on the used car market is encouraging for buyers seeking affordable options. With prices on the decline and mileage levels improving, now may be a good time to consider purchasing a used car. For more detailed information, you can refer to the full study at the source link provided below.
