If you’ve been shopping for a used car lately and wondering why your money doesn’t seem to go very far, you’re not imagining it.
On a recent episode of “The Drive,” my co-host Karl Brauer and I looked at just how much the used-car market has changed since before the pandemic. Karl is executive analyst at iSeeCars, which tracks vehicle prices, and one number jumped out immediately.
A 3-year-old Hyundai Elantra that might have cost $12,000 or $13,000 in 2019 is now around $24,000.
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The average price of a three-year-old used car has risen 38% since 2019. That’s roughly $9,000 more for a car of the same age.
That’s a lot. But another number may tell you even more about what has happened to ordinary car buyers.
Going older
In 2019,
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