2024-07-24 14:04:45
Older vehicles make up a much larger share of the used car market than they did a decade ago. A new study from iSeeCars shows the number of older used cars sold has increased 30 percent since 2014, with sedans, wagons and hatchbacks leading the growth.
iSeeCars analyzed more than 169 million used cars sold between January 2014 and June 2024 and found that the average price of a used car (defined as a used car 10 years or older) has increased 60.8%, from $7,583 in 2014 to $12,194 today.
“Consumers seeking to escape high vehicle prices are turning to used vehicles,” said Karl Brauer, executive analyst at iSeeCars.
“But even going back a decade or more doesn’t protect buyers from the sharp increase in used-car prices in recent years, with the average price of a used car now exceeding $12,000.”
The market share of older used cars has increased dramatically since 2020:
The price of used cars has increased 60% since 2014:
|
Market share of older vehicles: 2014 – 2024 |
||
|
Year |
Market share of cars 10 years or older |
Average price of a car over 10 years old |
|
2024 |
22.7% |
$12,194 |
|
2023 |
21.3% |
$12,230 |
|
2022 |
19.2% |
$12,549 |
|
2021 |
16.9% |
$11,105 |
|
2020 |
15.1% |
$9,135 |
|
2019 |
15.3% |
$8,923 |
|
2018 |
17.6% |
$9,079 |
|
2017 |
18.1% |
$8,865 |
|
2016 |
18.2% |
$8,397 |
|
2015 |
18.3% |
$7,918 |
|
2014 |
17.2% |
$7,583 |
|
% Change 2014 – 2024 |
32.4% |
60.8% |
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