The search for older, less expensive cars has become increasingly difficult in 2024, especially for those with a budget under $15,000. This scarcity stems from a perfect storm of market conditions. As new car prices soar, more buyers are turning to the used market, quickly depleting the available inventory of affordable options.
Simultaneously, Americans are holding onto their vehicles longer than ever, with the average car on U.S. roads now 12.6 years old. This trend, coupled with reduced car production following the 2008 recession, has led to fewer high-mileage, older used vehicles entering the market.
As a result, the most accessible used cars now fall within the $15,000 to $30,000 range, creating a challenging landscape for budget-conscious shoppers. Prospective buyers may need to adjust their expectations, expand their search beyond traditional sources, and be prepared to act swiftly when good deals arise.