When I was a teenager, I bought my first car. It was a Toyota Tercel with a few hundred miles on it and cost less than $10,000. Granted, this was 30 years ago.
Now that I have a daughter turning 17, I envisioned a similar scenario. She has worked — and saved — since the age of 13, and I assumed she could at least pitch in for a reasonably priced pre-owned model.
But, boy, has the used car market changed. For starters, prices have increased enormously.
Anyone who has stayed away from the car market in recent years is in for a massive shock, Ivan Drury, Edmunds’ director of insights, told me. “It does not resemble anything that you were accustomed to.”
For used cars, the average listing price is now $25,361, according to the latest report from Cox Automotive, a giant jump from just five years ago, before the pandemic disrupted supply chains and sent prices for new and used vehicles skyrocketing.
“Affordability remains challenging for consumers, and supply is more constrained at lower price points,” the report said.
For new cars, the average transaction price is $47,823 as of October, near an all-time high. There are fewer options available at lower prices. Spoiler alert: It’s nearly impossible to find a car for less than $30,000.
Now, 10% of all vehicles sold cost more than $70,000, up from 3% five years ago, according to Edmunds. Just 0.3% of new vehicles sold now cost less than $20,000, compared with 8% five years ago, Edmunds found.
Cars these days are loaded with high-tech features, including touch screens, 360-degree cameras and heated seats, which have driven prices up substantially, according to Drury.
“Technology is flooded across the dash and all through the vehicle,” he said. “They are so capable, it’s borderline crazy.”
Hunting down a used Jeep
A Jeep was at the top of my daughter’s wish list, and Wranglers, especially, have held their value.
A recent iSeeCars study analyzed more than 2 million cars to see which used models are priced the lowest and offer the longest remaining lifespan. A 10-year-old Wrangler Unlimited ranked a respectable 18th among SUVs on the list.
But the average price for a 10-year-old Wrangler is still $23,381, and older cars with more mileage will increase the cost of ownership, experts say.
Plus, we wanted something newer, since, in 2018, Wrangler rolled out advanced safety features and made significant improvements in fuel efficiency and technology, compared with older models.
That means paying more upfront: A Jeep Wrangler “is not the cheap car from 10-15 years ago,” Drury said.
Sites such as Cars.com and Carvana have helped level the marketplace, but prices were still high online. We had better luck searching used inventories at dealerships within a 50-mile radius from home. A Jeep Chrysler Dodge dealership in Shrewsbury, New Jersey, had two 2021 models that fit our criteria and our budget.
According to Drury, it’s harder for car buyers to negotiate now that prices are more transparent. Dealerships do offer incentives but are less willing to knock down the sticker price. “Because we have so much information, it’s very difficult to charge a different price from your competitors,” Drury said.
More from Personal Finance:
2 in 5 cardholders have maxed out a credit card or come close
The IRS unveils higher capital gains tax brackets for 2025
How to rethink cash as the Fed cuts interest rates
The best bet is to snag a financing offer, he advised, which could mean saving money by securing a lower interest rate on an auto loan. The average interest rate on a four-year used car loan is currently 8.21%, according to Bankrate.com, but good credit scores often pave the way to substantially better loan terms.
Still, we were able to negotiate down a few fees that were tacked on at the point of sale.
In the end, though, we did spend more than we initially planned — and that didn’t include the added expense of insuring a teen driver.
I’ve been exploring for a little bit for any high-quality articles or weblog posts on this sort of space
. Exploring in Yahoo I at last stumbled upon this site.
Reading this information So i am satisfied to convey that I have a
very just right uncanny feeling I came upon just what I needed.
I such a lot for sure will make certain to don?t overlook this
web site and provides it a look regularly.
This is my first time pay a visit at here and i am in fact impressed to read all at alone place.
What i don’t realize is in reality how you are no longer actually a lot more well-liked than you might
be now. You’re so intelligent. You already
know thus significantly with regards to this subject, produced me in my opinion imagine it from a lot of numerous angles.
Its like men and women don’t seem to be involved until it is something to do
with Lady gaga! Your personal stuffs nice. Always maintain it up!
Heya! I’m at work surfing around your blog from my new iphone 4!
Just wanted to say I love reading through your blog and look forward to all your posts!
Carry on the great work!
I’m gone to tell my little brother, that he should also pay a
quick visit this weblog on regular basis to take updated from most recent news.
Для безопасности все зеркала в коллекции проклеены сзади специальной защитной пленкой, на которой останутся все осколки в случае, если зеркало разобьется.
I am not sure where you’re getting your info, but good topic.
I needs to spend some time learning much more
or understanding more. Thanks for magnificent info I was looking
for this information for my mission.
Стоимость данной услуги составляет
– 2.5% от стоимости заказа.
Link exchange is nothing else however it is simply placing the other person’s weblog link on your page at suitable place and other person will
also do same for you.
Need a healthier smile? At Colibrim, we’ve got the perfect solutions crafted for stronger gums and fresher breath.
Explore our range that bring balance to your oral health with natural ingredients.
Whether it’s fresh breath, healthier gums, or a brighter
smile, Colibrim has the essentials you need! Visit today to learn more!
I really like it when people get together and share opinions.
Great site, continue the good work!
Přijetí hypoteční platby může být obtížné pokud nemáte
rádi čekání v dlouhých řadách , vyplnění intenzivní formuláře ,
a odmítnutí úvěru na základě vašeho úvěrového skóre .
Přijímání hypoteční platby může být problematické, pokud nemáte rádi čekání v dlouhých řadách ,
podávání extrémních formulářů , a odmítnutí úvěru na základě vašeho úvěrového skóre .
Přijímání hypoteční platby může být problematické ,
pokud nemáte rádi čekání v dlouhých řadách , vyplnění extrémních formulářů a odmítnutí
úvěrových rozhodnutí založených na úvěrových skóre .
Nyní můžete svou hypotéku zaplatit rychle a efektivně v České republice. https://groups.google.com/g/sheasjkdcdjksaksda/c/KtdFA2aFh7M
penis enlargement
My brother recommended I might like this web site.
He was entirely right. This submit actually made my day.
You can not consider simply how much time I had spent for this info!
Thanks!
Stake is a highly-regarded betting platform famous for its digital currency-focused deposits and withdrawals.
Gamers enjoy Stake due to its efficient payouts, extensive game selection, and exclusive bonuses that
keep them playing.
With a user-friendly interface, both beginners and pros
alike can explore the variety of services Stake offers.
Ranging from sports events to real-time casino play, everyone can find
their game. Moreover, Stake’s dedicated help desk makes sure questions are answered promptly.
All in all, Stake’s platform offers a smooth those who prefer crypto betting interested in fun and rewards!
Peculiar article, exactly what I wanted to find.
obviously like your web-site but you have to check the spelling on quite
a few of your posts. Many of them are rife with spelling issues and I find it very
bothersome to inform the reality then again I will certainly come back again.
Thank you for sharing your info. I truly appreciate
your efforts and I am waiting for your next post thank you once again.
It’s going to be finish of mine day, but before ending
I am reading this impressive post to increase my know-how.
Pretty nice post. I just stumbled upon your blog and wanted to say that I have
really enjoyed surfing around your blog posts.
In any case I’ll be subscribing to your feed and I hope you write again very soon!
There is certainly a great deal to find out about this subject.
I like all the points you’ve made.
If you want to get a great deal from this paragraph then you
have to apply these strategies to your won weblog.
It’s going to be end of mine day, but before
ending I am reading this wonderful article to increase my experience.
This website really has all of the information and
facts I wanted about this subject and didn’t know who to ask.
Hi, Neat post. There’s a problem along with your web site
in web explorer, could test this? IE nonetheless is the
marketplace chief and a large component of people will miss your wonderful writing due to this problem.
I don’t even know how I ended up here, but I thought this post
was good. I don’t know who you are but definitely you are going to a famous blogger if you
are not already 😉 Cheers!
Incredible points. Solid arguments. Keep up the good work.
This is my first time pay a quick visit at here and i am actually impressed to read all at single
place.