Drastic decline in affordable used cars: iSeeCars study reveals significant shift in market trends
The Jacksonville-Brunswick region in Florida and Georgia has witnessed a significant transformation in the used car market, as revealed by a recent iSeeCars study that highlights remarkable price changes among popular car models from 2019 to 2023.
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The investigation, which analyzed over 10.8 million 1- to 5-year-old used car prices from January to July of both 2019 and 2023, has revealed a startling transformation in the availability of affordable used cars, particularly those priced under $20,000. The findings paint a picture of a market in flux, with affordability waning and popular models experiencing dramatic price increases over the past four years.
A staggering national trend highlights the overarching shift. Used cars under $20,000, which once constituted 49.3% of the entire used car market in 2019 prior to the pandemic, have plummeted to a mere 12.4% in 2023.
The study also zoomed in on the Jacksonville-Brunswick region in Florida and Georgia, showcasing how these changes manifested in a localized context.
In 2019, a substantial 54.6% of affordable used cars, those priced under $20,000, were available in this area. Fast forward to 2023, and that figure has dwindled significantly to a meager 17.2%, reflecting a remarkable alteration in consumer choices and market dynamics.
Intriguingly, the iSeeCars study delved into specific car models that experienced the most significant fluctuations in pricing over the four-year span.
Top 5 Models With Greatest Price Increases:
Rank | Model | Avg. Price 2019 | Avg. Price 2023 | % Change in Price |
|---|---|---|---|---|
1. | Toyota Corolla | $13,788 | $20,291 | 47.2% |
2. | Toyota Camry | $16,841 | $24,577 | 45.9% |
3. | Honda Civic | $16,451 | $23,716 | 44.2% |
4. | Toyota RAV4 | $19,522 | $27,480 | 40.8% |
5. | Honda Accord | $18,563 | $26,094 | 40.6% |
6. | Jacksonville-Brunswick, FL-GA Average | $21,865 | $32,917 | 50.5% |
Karl Brauer, the Executive Analyst at iSeeCars, commented on the situation, saying, “Among the pandemic’s many casualties is the affordable used car, which has nearly vanished from the used car marketplace.” He highlighted how in 2019, a $15,000 budget allowed consumers to access over 20 percent of the late-model used car market, while today the same budget grants access to a mere 1.6%.
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Models With Largest Drop in Under-$20K Availability:
Rank | Model | Used Car Salves <$20k Share, 2019 | Used Car Salves <$20k Share, 2023 | % Change in Share |
|---|---|---|---|---|
1. | Ram 1500 | 13.0% | 0.4% | -97.0% |
2. | Toyota Highlander | 5.6% | 0.2% | -96.5% |
3. | GMC Sierra 1500 | 3.7% | 0.2% | -94.7% |
4. | Honda CR-V | 57.0% | 3.0% | -94.7% |
5. | Toyota RAV4 | 64.8% | 5.5% | -91.6% |
6. | Jacksonville-Brunswick, FL-GA Average | 54.6% | 17.2% | -68.5% |
The full iSeeCars study offers a comprehensive breakdown of the changes in affordability across 23 of the best-selling used cars, shedding light on the substantial increase in mileage for these popular models despite their elevated prices. The study also dissects findings based on various price ranges, encompassing vehicles priced from under $10,000 to over $75,000.
For further insights and to glean more information about this transformative shift in the used car market, the iSeeCars team offers the full study, available HERE.
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