Used vehicles priced up to $10,000 had an average mileage of 116,158 in 2023 — an increase of 61 percent from 72,205 in 2019, the study found.
Similarly, the average mileage of used cars priced between $10,000 and $15,000 rose to 84,710 from 47,886, up 77 percent, iSeeCars.com said. The average mileage of used vehicles priced a little higher — those in the $15,000 to $20,000 range — rose to 60,257 from 37,032, up 63 percent.
That indicates consumers are retaining their cars for longer periods and accumulating more miles on them because they either can’t afford or don’t wish to pay higher new- and used-vehicle costs, Brauer said.
The iSeeCars.com pricing study also revealed that affordable used-vehicle sales fell in the top 50 major metropolitan areas by population.
In Boston and the Manchester, N.H., area, share of sales of sub-$20,000 used cars was 47 percent in 2019. In 2023, that share is much smaller — 8.2 percent.
The area has seen the biggest fall in share of sales of sub-$20,000 vehicles, iSeeCars.com said, while Oklahoma City’s share — 48 percent in 2019 and 16 percent in 2023 — fell the least.
The second-largest share decline occurred in Austin, Texas, where half of late-model vehicles sold for less than $20,000 in 2019. In 2023, that share is 10 percent. The third-largest decline occurred in the San Francisco-Oakland-San Jose area of California, where share fell from 51 percent in 2019 to 10 percent in 2023.
