Used car prices have shifted dramatically since 2019. Inventory under $20K has plummeted to under a third of the market, while vehicles priced over $30K have more than doubled.

A used car in the $5,000 to $10,000 range spent an average 25.4 days on a dealer lot, compared with 37.8 days for vehicles costing $20,000 to $25,000 and 44.3 days for those priced at more than $50,000, per Edmunds.

America’s Affordability Crisis Is Hitting the Used-Car Lot A used car priced between $10,000 and $15,000 today is almost nine years old on average and has 98,000 miles on it, according to auto research site Edmunds. The average new car now sells for $50,000, and with cars losing around 40% of their value after three years, the average used vehicle sells for more than $30,000. Used cars selling for less than $20,000 are tougher to find and have high mileage, and dealers have to fight to get them, with one dealer saying they're "like gold" and requiring record prices to obtain. (Bloomberg)

Entry-level buyers are facing severe pressure as the used car market undergoes a fundamental price reset. Edmunds data reveals that three-year-old vehicles are leading the steep affordability decline.

My transmission died last month. Uncle said just buy a reliable used car like we used to. I showed him what was available. 2015 Honda Civic. 140,000 miles. $13,500. He said back in my day that would’ve been $4,000. I looked it up. Adjusted for inflation his $4,000 car is worth about $8,000 today. The car costs $13,500. So even with inflation it’s still 70% more expensive than it should be. Then he told me I just need to negotiate better. People are out here financing used cars for 84 months just to make the payment work. Used cars with 100,000 miles on them. On 7 year payment plans. Just buy used they said. Used stopped being the affordable option a long time ago. Nobody updated the advice

I feel like I missed on the whole American car buying experience. Never bought a used car. Never sold a car. Never leased a car. Never negotiated with a dealership. I feel cheated. Itching to try it just to cross it off the list.

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