The high cost of new cars is driving Bay Area residents to the used car market, but even used vehicles are expensive. Prices for both new and used cars remain significantly higher than pre-pandemic levels, creating a challenging environment for car buyers.
Ray Schubert, of Los Gatos, looks at the 2024 Hyundai Ioniq 5 for a friend, shopping for a car at Stevens Creek Hyundai in San Jose on Wednesday, Dec. 4, 2024. (Shae Hammond/ Bay Area News Group)Tony Grey needed new wheels, but he didn’t want to buy a new car. It took the retired San Jose computer designer three weeks to locate a used SUV in good condition at the right price, at a Santa Clara car lot.
At $28,800, the 2023 white Nissan Pathfinder with 40,000 miles was the best deal Grey found — and slightly below the region’s average used-car price. The cost of a new version of the vehicle would have been more than $40,000.“It had no damage at all, no scratches, the engine was good, and the inside was immaculate,” said Grey, 62. “I’ve done a used car before and as long as you’re careful, you do quite well.” Tony Grey bought a used 2023 Nissan Pathfinder which is parked at his home in San Jose, Calif., on Wednesay, Dec. 18, 2024. (Shae Hammond/Bay Area News Group) Tony Grey, of San Jose, stands in front of the car he just bought, a used 2023 Nissan Pathfinder, at his home in San Jose, Calif., on Wednesay, Dec. 18, 2024. (Shae Hammond/Bay Area News Group)Tony Grey bought a used 2023 Nissan Pathfinder which is parked at his home in San Jose, Calif., on Wednesay, Dec. 18, 2024. (Shae Hammond/Bay Area News Group)Bay Area residents wanting — or needing — to buy a car are steering this winter into what experts call an affordability crisis. “The price of new cars, in general, has become alarming for a lot of people,” said Brian Moody, executive editor of Autotrader.com. Those sky-high costs — averaging more than $50,000 in the Bay Area — are pushing many buyers toward used vehicles. But later-model used cars are costly, cheaper ones are scarce, and prices for either new or pre-owned cars remain far higher than before the pandemic. In the Bay Area last fall, the average used car sold for $30,868, and the average new car sold for $47,94
CAR PRICES USED CARS NEW CARS AFFORDABILITY CRISIS BAY AREA
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