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Used cars under $20K have almost vanished from the market (www.usatoday.com)

submitted 1 week ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Before the COVID-19 pandemic, more than half the used cars for sale in the nation were 3-year-old vehicles priced for $20,000 or less. Today, those same type of vehicles comprise only 11% of used cars.

In fact, most shoppers who are in the market for a used vehicle would be hard-pressed to find a 3-year-old model below even $30,000, forget finding one for $20,000.

According to a new study from research website iSeeCars.com called: "The sub-$20,000 used car is almost gone," the average list price for a used 3-year-old vehicle is now $32,635, that’s $9,476 more than it was six years ago.

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[–] EditsHisComments@lemmy.world 9 points 1 week ago

The headline is very shameless clickbait. Headline should read: Majority of used cars 3yrs old or younger are selling for >$20,000.

Economic reporting suffers from many of the same issues that scientific reporting does in that the headlines are a general idea of the research, blown out of proportion at best, and misleading at worst.