Source: PHOTO: Apriori/Getty Images
INDIANAPOLIS — According to a study recently published by the website iseecars.com there are far fewer used cars under $20,000 in the market today.
The study says that cars under $20,000 made up 51.7 percent of the used car market share. That number has fallen 13.6 percent in 2023. They looked at over 10-million 1-to-5 year old used cars that were sold between January and July of 2019 and 2023.
Some of the most popular models of cars that used to average below $20,000 and have now gone over that price point are the Toyota Corolla and Camry, the Honda Civic, and the Nissan Rogue.
The study also reports that the average total mileage of used cars in that same age range has gone up 20%. This means buyers are paying more for cars that have been driven further.
Karl Brauer, an Executive Analyst with iseecars.com told WIBC that pandemic supply issues are starting to clear up, but that the problem lasted for years and will take years to return to normal. He stated that while deals are few and far between, consumers can see deals on used cars starting to return to the market.
