Get updates delivered to you daily. Free and customizable.
NewsNation
Consumers Battle High Prices by Buying Older Used Cars
By ISeeCars,
10 hours ago
( iSeeCars ) – Older vehicles make up a much larger portion of the used car market than they did a decade ago. Since 2014, the number of used cars being sold that are 10 years old or older has increased by 30 percent, with sedans, wagons, and hatchbacks leading the growth, according to a new study by iSeeCars.
The study analyzed over 169 million used cars sold from January 2014 to June 2024 to identify market trends with older cars, along with the 20 models gaining the most older car market share with shoppers.
The popularity of older cars (defined as used models that are 10 years old or older) reflects the rising cost of both new and late-model used cars, yet consumers are still paying substantially more for these older vehicles. The average price of an older car increased more than 60 percent, from $7,583 in 2014 to $12,194 today.
“Consumers seeking relief from high vehicle prices are turning to older cars,” said Karl Brauer, iSeeCars’ executive analyst. “But even going back a decade or more isn’t shielding buyers from the massive used car price hikes in recent years, with the average older car now costing more than $12,000.”
A Slight Dip Before the Rip in Older Car Market Share
The share of older cars was fairly stable from 2014 to 2017, and even dipped between 2018 and 2020. But the last four years have seen a steady increase in old car share, moving from 15.1 percent of the market in 2020 to 22.7 percent this year. This same period saw older used car prices grow by $3,059, from $9,135 to $12,194.
“The trend in vehicle prices represents an inescapable tidal wave,” said Brauer. “When you have new and lightly used car prices spiking, as they have over the past 4 years, there’s no stopping the wave’s impact on older cars, even for cars produced more than a decade ago.”
Market Share of Older Cars: 2014 – 2024 – iSeeCars Study
Year
Market Share of Cars 10 Years or Older
Average Price of Cars 10 Years or Older
2024
22.7%
$12,194
2023
21.3%
$12,230
2022
19.2%
$12,549
2021
16.9%
$11,105
2020
15.1%
$9,135
2019
15.3%
$8,923
2018
17.6%
$9,079
2017
18.1%
$8,865
2016
18.2%
$8,397
2015
18.3%
$7,918
2014
17.2%
$7,583
% Change 2014 – 2024
32.4%
60.8%
Sedans, Wagons, and Hatchbacks Proving Popular with Older Car Market Share
Sedans, wagons, and hatchbacks have consistently had lower demand and lower price points than trucks and SUVs. They also see less demanding use, allowing them to age more gracefully than larger utility vehicles. The result is increased share within the older car segment for used passenger cars, with models like the Hyundai Sonata, Subaru Legacy, and Mercedes-Benz C-Class more than tripling their older vehicle share.
While the price for older cars has risen dramatically in recent years, used car shoppers can still get most of these sedans, wagons, and hatchbacks for around $10,000 or less.
Vehicles With the Largest Growth in Older Car Market Share: 2014 to 2024 – iSeeCars Study
Rank
Model
Market Share of Cars 10 Years or Older, 2014
Market Share of Cars 10 Years or Older, 2024
% Change in Market Share, 2014 to 2024
Average Price of Cars 10 Years or Older, 2014
Average Price of Cars 10 Years or Older, 2024
% Change in Price, 2014 to 2024
1
Hyundai Sonata
4.8%
28.0%
484.3%
$4,867
$8,312
70.8%
2
Subaru Legacy
6.6%
27.4%
316.8%
$5,556
$8,871
59.7%
3
Subaru Impreza
10.6%
43.9%
313.5%
$9,809
$12,203
24.4%
4
Mercedes-Benz C-Class
9.1%
28.6%
215.0%
$7,419
$10,139
36.7%
5
Subaru Impreza (wagon)
12.1%
35.9%
195.7%
$6,871
$10,797
57.2%
6
Mercedes-Benz E-Class
15.1%
41.0%
172.0%
$8,529
$12,096
41.8%
7
Hyundai Elantra
7.7%
20.6%
166.7%
$4,462
$8,241
84.7%
8
BMW 3 Series
12.6%
30.2%
139.0%
$7,305
$10,180
39.3%
9
Nissan Altima
8.6%
20.5%
137.0%
$5,432
$8,023
47.7%
10
Honda Odyssey
18.2%
39.3%
115.9%
$5,987
$10,496
75.3%
11
Jeep Wrangler
21.2%
44.7%
110.4%
$12,169
$15,160
24.6%
12
BMW 5 Series
14.3%
30.1%
110.1%
$8,164
$11,161
36.7%
13
Volkswagen Jetta
13.4%
26.7%
99.4%
$5,274
$8,121
54.0%
14
Toyota Corolla
11.8%
21.9%
85.3%
$5,683
$9,562
68.3%
15
Honda Civic
15.6%
27.1%
74.1%
$5,516
$9,805
77.7%
16
Mazda MX-5 Miata
31.5%
51.9%
64.8%
$6,988
$13,083
87.2%
17
Honda Accord
21.3%
34.6%
62.7%
$6,331
$10,302
62.7%
18
Toyota Camry
16.2%
26.3%
62.0%
$6,235
$9,701
55.6%
19
Mercedes-Benz SL-Class
41.1%
65.3%
59.0%
$18,885
$23,226
23.0%
20
Nissan Sentra
10.1%
15.8%
55.5%
$4,770
$7,367
54.5%
Overall Average
17.2%
22.7%
32.4%
$7,583
$12,194
60.8%
“While not as popular with new car buyers, older sedans, wagons, and hatchbacks are gaining market share in the used car market,” said Brauer. “Their lower cost, lighter use, and higher fuel efficiency make them an excellent alternative to larger trucks and SUVs that cost more up front and more to fuel and insure.”
Price is the primary factor driving growth in older vehicle market share, but an increase in vehicle durability and technology may also play a part. The average 10-year-old car on the market in 2024 is far more advanced, fuel efficient, and reliable than a 10-year-old car was in 2014, making older cars in 2024 easier to use and rely on for consumers looking to save money on their vehicle expenses.
iSeeCars analyzed over 169 million used cars sold from January 2014 – June 2024. The share of cars that were 10 years old or older was calculated for each calendar year, as well as for each model. For the model-level analysis, only non-heavy-duty cars in production as of the 2023 model year and continuously in production from the 1994 – 2023 model years were included.
About iSeeCars.com
iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings . iSeeCars has saved users over $420 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0