During the pandemic, used car prices soared to record highs, but recently, sales have dropped, and prices have followed. According to the Consumer Price Index, used car prices have decreased for three consecutive months and are down 10.4% over the past year. For the first time in years, there is now a growing inventory of used vehicles priced at $20,000 or less. A study by iSeeCars.com reveals that inventory in this price range is up 30% since last year, providing budget-conscious buyers with more options—many of which are relatively new models, not old clunkers.
The study, which analyzed 17.9 million used cars sold from 2019 to 2024, found that 16.5% of 1- to 5-year-old vehicles are now priced below $20,000, compared to just 12.7% in 2023. Even better, these lower-priced used cars are coming with fewer miles. For example, vehicles under $10,000 have 9.6% fewer miles, while those priced between $15,000 and $20,000 have 9.2% fewer miles than comparable vehicles last year. This means buyers are getting better deals on less-used cars, with popular models like the Toyota Corolla, Hyundai Elantra, and Chevrolet Malibu now available in the $20,000 range.
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