Local drivers pay the nation’s fourth-highest price for the oldest of used cars.
FILE – Used car are on display on a lot in Wexford, Pa., Thursday, Sept. 29, 2022. The Commerce Department releases its revised estimate of how the U.S. economy fared in the fourth quarter on Thursday, Feb. 23, 2023. , which tracked average prices and sales patterns for used cars that are 10 years old or more in 50 large metropolitan areas – including five from California.It cost $13,984 to buy the typical 10-year-old car in Southern California this year.
Since 2014, Sacramento had the nation’s second-largest jump in the 10-year-old vehicle’s share of used car sales. Its slice went from 14% a decade ago to 26% in 2024. By the way, Sacramento now also has the second-biggest old-car market share among the 50.Nationally, these older vehicles claimed 23% of used car sales this year – up from 17% in 2014.
Sadly, the bargain seeker’s enthusiasm bumps up costs. So, the typical 10-year-old-plus car went for $12,194 this year nationally – up 61% in 10 years.There’s Miami, where drivers paid $14,616 for 10-year-old cars after a 95% gain from 2014 – the largest jump in the nation. So only 13% of the Miami market included these oldest cars, the lowest share among the 50 markets.Conversely, the older cars in Norfolk, Virginia, went for just $10,487 this year after only a 31% gain. Both are national lows.
Is it surprising that 29% of Norfolk used car sales were 10-year-old-plus, double the slice of 2014? Both are national highs.“Consumers seeking relief from high vehicle prices are turning to older cars,” said Karl Brauer, iSeeCars’ executive analyst. “But even going back a decade or more isn’t shielding buyers from the massive used car price hikes we’ve seen in recent years.
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