gshc2020.com

The fact that the average price of a new car has surpassed the $50,000 mark in the United States is totally chill and not at all unreasonable, yet more and more folks are resorting to keeping their old car for longer or turning to the used car market instead of spending the money they so obviously have. Unfortunately for the latter camp who may turn to the used car market hoping to find cheaper cars, the average cost of used cars has also jumped to over $30,000 for the first time since 2023. Now, data from iseecars.com shows that the average price of three-year-old used cars has increased by over 38%, or $9,027 since 2019. Don't you just love life in late-stage capitalism?

For any fellow poor people who aren't in a place to spend more than $20,000 on a car, I feel you deeply, but I'm sorry to say only 11.4% of three-year-old used cars are below that budget. Things don't get much better if you expand your search to include five-year-old used cars; just 26.6% of five-year-old used cars are below the $20,000 mark. In 2019, nearly 70% of five-year-old used cars were listed below that price.

Almost every single three-year-old car got more expensive

Porsche

Luxury cars saw the largest used car price increases, but the prices of a lot of mundane cars have skyrocketed too. The Porsche Cayenne and 911 top the list of three-year-old cars with the largest price increases between 2019 and 2026, with the price of each jumping by about 75%. For example, in 2019, the average price of a used 2016 Cayenne was $50,301, but now the average price of a used 2023 Cayenne has ballooned up to $88,387.

On the more utilitarian end of the spectrum, three-year-old Hyundai Elantras, Kia Sportages, and Toyota Camrys have experienced the biggest price increase. Elantras are up the most at 56% pricier than they were in 2019, followed by Kia Sportages at a 50.5% price hike, and the Toyota Camry is close behind with a 49.9% increase in price. In 2019, the average price of a used 2016 Hyundai Elantra was $12,295, but now the average price of a used 2023 Elantra is up to $19,178. Even when accounting for inflation, $12,295 in 2019 would be the same as $16,310 in 2026, so prices have well outpaced inflation.

Two models got cheaper, but what does it all mean?

Tesla

Only two models decreased in price: the Tesla Model X and the Land Rover Discovery Sport. The average price of a used three-year-old Tesla Model X dropped way more than any other car, by a whopping 17%, from $75,554 in 2019 to $62,689 in 2026. The average price of a used three-year-old Discovery Sport only dropped 2.4%, but every other model included in the test got more expensive. Other cars on the list of the smallest price changes include the Mazda CX-9, Tesla Model S, Land Rover Range Rover Evoque, Volvo XC90, and Nissan Murano.

Unfortunately for cash-strapped Americans looking for an affordable used car, this means they will have to expand their search to include older model years. Shopping for five-year-old used cars doesn't mean sacrificing modern comforts or safety anymore, at least, since there are plenty of affordable older models that experts recommend as smart choices for teen drivers or simply safety conscious consumers on a budget.