![]() ![]() While newer model years are typically the most desirable, you could lock in savings by expanding your model year and mileage limits to include older options within the same generation, which should offer a similar look and feel at a lower price point. For the first-time used-vehicle shopper: If you’ve found yourself previously only purchasing new but are looking at used vehicles this time around, consider searching for vehicles by generation.Shoppers who bought a used car in 2019 would need to increase their budget by nearly $10K to obtain a vehicle of a similar age and mileage today.īecause no two car searches look the same, Edmunds experts outline a number of shopping tips to help consumers navigate the used market: Vehicle age and mileage have increased for every price band on the used spectrum from Q3 2019 to Q3 2023, and the strong level of demand at all price points has vehicles moving from dealer to consumer at a quicker rate. Used vehicles are trending older by age and mileage, and are selling quickly: While some used-market trends are reverting to historical norms, readily available newer, cheap used vehicles have yet to return en masse.On the least depreciated end are 2021 models with limited supply or low levels of competition within their segment, including Toyota Tacoma and GR Supra and Chevrolet Camaro. Among the most depreciated 2021 models year-over-year are EVs like Tesla Model Y and 3 and Ford Mustang Mach-E, whose resale values have been zapped by price reductions on new EVs and appealing lease deals. The list of the most and least depreciated used vehicles year-over-year offers more expected results: With seasonality returning and vehicles appropriately depreciating once again, we’re seeing traditional market forces have their expected effect on used values.While all 3-year-old or newer vehicles experienced a 4.8% decline in value in September 2023 compared to September 2022, EVs specifically have suffered a considerable 29.5% value drop. ![]()
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