Prices for used cars have skyrocketed: experts name the reason for the rise in price
A car can be a profitable investment if you buy a model that won't lose too much in value over the years. Recently, the global car market has been shaken by an unexpected price hike - the cost of used models has skyrocketed.
According to a study conducted by iSeeCars.com, the rapid rise in prices for new cars continues to force a record number of buyers to seek solace in the secondary market. Experts explained why used cars are getting more expensive from year to year.
Analytical data shows that 10-year-old cars now account for 22.7% of the market, which is a record 17.2% more than in 2014. Unsurprisingly, the additional demand has led to an average increase in the cost of a ten-year-old car by 60%: from $7,583 to $12,194.
Table.
Source: iSeeCars.com
"Used sedans, station wagons, and hatchbacks are gaining the lion's share of the used car market," said Carl Brauer, executive analyst.
Their lower cost and higher fuel efficiency make them a great alternative. Price is the main driver of used car market share growth, but increasing vehicle durability and technology may also play a role.
The good news is that even 10-year-old cars have proven to be of surprisingly high quality. They are equipped with modern technologies, which makes the purchase a fairly rational investment. The average 10-year-old car on the market in 2024 is much more advanced, fuel-efficient, and reliable than a 10-year-old car in 2014.
Based on an analysis of 169 million models sold in the first half of 2024, iSeeCars.com has identified 15 models that have seen the greatest growth in demand over the past decade:
- Hyundai Sonata: market share +484.3%; +70.8% price increase;
- Subaru Legacy: market share +316.8%; +59.7% price increase;
- Subaru Impreza: market share +313.5%; +24.4% price increase;
- Mercedes-Benz C-Class: market share +215.0%; +36.7% price increase;
- Subaru Impreza Wagon: +195.7% market share; +57.2% price increase;
- Mercedes-Benz E-Class: +172.7% market share; +41.8% price increase;
- Hyundai Elantra: +166.7% market share; +84.7% price increase;
- BMW 3 Series: market share +139.0%; +39.3% price increase;
- Nissan Altima: +137.0% market share; +47.7% price increase;
- Honda Odyssey: +115.9% market share; +75.3% price increase;
- Jeep Wrangler: +110.4% market share; +24.6% price increase;
- BMW 5 Series: +110.1% market share; +36.7% price increase;
- Volkswagen Jetta: +99.4% of the market; +54.0% price increase;
- Toyota Corolla: +85.3% market share; + 68.3% price change
- Honda Civic: +74.1% of the market; +77.7% price increase.
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