Many car shoppers are being forced to buy older and older models to stretch their dollars, according to a new data analysis.
Continued high new-vehicle prices, high interest rates, and inflation have combined to push up the average age of sold used vehicles from 4.8 years in 2019, the last full year before the pandemic, to 6.1 years this year, said iSeeCars, an online researcher and auto search engine.
The average price across all ages, meanwhile, jumped 33% in that period to just over $27,000, the site said.
With $23,000 to spend on a used car, a buyer could pick up a 3-year-old model in 2019 but today couldn’t afford an average 6-year-old car today, it said.
The site blamed the reduced new-vehicle production between 2020 and 2022 that led to limited supply of both new and used cars, especially those between 1 and 3 years old.
“With 28 percent fewer 1- to 3-year-old used cars today compared to 2019, today’s buyers have to shop 6-year-old – or older – cars to find a comparably priced vehicle,” said Executive Analyst Karl Brauer.
Originally posted on Auto Dealer Today