Affordability continues to drive the used vehicle market, as consumers are turning to older models with more miles.
The CarGurus Intelligence Report for the third quarter, released this week, showed that “nearly three-quarters of used sales gains” were in vehicles less than $30,000 that were 7 years old or older. The average mileage on those vehicles was 114,000.
“In September, nearly half of the listings in this price range were seven years or older, typically priced around $13.6k. Think roughly 2014 model years with six-figure miles that buyers increasingly accept to keep the monthly payment in reach,” said the report prepared by Kevin Roberts, Director of Economic and Market Intelligence at CarGurus.
Of the top 10 models under $10,000, the average model year ranged from a 2010 Honda CR-V to a 2016 Chevrolet Trax. The average mileage was between 105,874 for the Chevrolet Trax priced at $8,308 and 161,060 for the 15-year-old Honda CR-V listed at $7,715.
In the $10,000 to $20,000 range, the 2016 Toyota Camry was the fastest selling at 31.7 days to turn with an average mileage of 97,018 and a list price of $14,769. The 2014 Ford F-150 had the most average miles at 134,656 and a list price $15,823.
California has the largest amount of inventory under $20,000, followed by Florida, Texas and Virginia. Virginia had the greatest share of inventory under $20,000 at 49.7 percent.
