Today, car buyers could be paying more for an older used vehicle with more mileage.
Used car pricing is improving, but still astronomically higher than it was pre-pandemic.
About 60% of used cars were under $20,000 just 5 years ago. Today, that’s down to about 30%.
It means a car buyers’ $20,000 budget doesn’t go very far today.
If you’re in the market for a used vehicle with a budget of $20,000 or less, you’re likely to have a harder time finding one today than you might’ve five years ago.
Only 30.6% of used vehicles sold for under $20,000 in the first quarter of this year, according to analysis from car-buying resource Edmunds. In 2018, double that — 60.5% of used cars — would’ve cost under $20,000.
Looking at average used car prices doesn’t paint a better picture. The average used vehicle cost a whopping $28,381 last quarter.
That’s an improvement from the average $30,329 used price tag just one year ago — but it’s up substantially from a pre-pandemic average used transaction…
This article was written by Alexa St. John and originally published on www.businessinsider.com