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As the average new car price nears $50K, buyers are increasingly turning to the used market, causing a surge in prices.
Some Data and Details:
60% Increase: The average price of a 10-year-old car has risen from $7,583 in 2014 to $12,194 in 2024.
Market Share Growth: Older used cars now account for 22.7% of sales, up from 15.1% in early 2020.
COVID-19 Impact: The pandemic accelerated the trend, with average prices jumping from $9,135 in 2020 to $12,549 by 2022.
Sedans in Demand: Despite the popularity of SUVs, sedans, hatchbacks, and wagons have seen significant market share increases, with the Hyundai Sonata leading at a staggering 484.3% rise.
