Like seemingly everything else in this age of tariffs and other geopolitical crises, new cars are getting expensive. Transaction prices reached an average of $50,000 late last year and have hovered there since. And according to a recent study, those looking for relief on the used car market are increasingly out of luck.
Published by Edmunds, the study found that truly affordable used cars are becoming rarer, forcing budget-conscious shoppers into older cars with higher mileage. Researchers found that used cars priced between $10,000 and $15,000 today are almost nine years old on average, with approximately 98,000 miles. It’s true that the average age of cars on U.S. roads has crept up, but that’s still four years older than the average $10,000-$15,000 used car in 2019, with 40,000 more miles.
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