Only 1 in 9 Three-Year-Old Used Cars Costs Under $20,000 as Average Price Hits $33,000
Updated
Updated · The New York Times · Sep 11
Only 1 in 9 Three-Year-Old Used Cars Costs Under $20,000 as Average Price Hits $33,000
3 articles · Updated · The New York Times · Sep 11
Summary
Just one in nine three-year-old used cars is now priced below $20,000, down from about half in 2019, leaving budget buyers with fewer late-model options.
The average price for a three-year-old car reached about $33,000 in August, eroding what had long been a sweet spot for shoppers seeking lower mileage and modern safety features.
Higher new-car costs, Trump-era tariffs, elevated borrowing costs and pandemic-disrupted inventories have pushed more buyers into the used market, tightening supply of affordable models.
Used EV prices have also climbed as drivers look to offset gasoline costs, with regular gas averaging $4.28 a gallon on Thursday versus $3.19 a year earlier.