Buying a used car can be a smart financial move, but prices vary wildly depending on the car’s age, mileage, make, model, condition, and location. In recent years, used car prices have soared, leaving many buyers wondering: how much does a used car cost today?
Now, let’s break down average used car prices in 2024, explore what factors affect the cost, and compare different types of vehicles to help you find the best deal.
Average Cost of a Used Car in 2024
Car Type |
Average Price (2024) |
Typical Mileage |
Age Range |
|---|---|---|---|
Compact Car |
$14,000 – $22,000 |
30,000 – 80,000 miles |
3 – 7 years old |
Midsize Sedan |
$18,000 – $28,000 |
30,000 – 80,000 miles |
3 – 7 years old |
SUV (Small to Midsize) |
$22,000 – $35,000 |
40,000 – 90,000 miles |
3 – 7 years old |
Full-Size Truck |
$30,000 – $45,000 |
40,000 – 100,000 miles |
3 – 7 years old |
Luxury Vehicle |
$35,000 – $60,000 |
30,000 – 70,000 miles |
3 – 5 years old |
Older Budget Car (10+ Years) |
$5,000 – $12,000 |
80,000 – 150,000 miles |
10+ years old |
Factors That Affect the Cost of a Used Car
The price of a used car isn’t just about make and model. Here’s what impacts cost:
- Age and Mileage – Newer cars with lower mileage cost more.
- Vehicle Type – Trucks and SUVs command higher prices than compact cars.
- Brand Reputation – Toyota and Honda tend to hold value longer than brands with less reliability history.
- Condition – Cars in excellent shape with service records cost more than vehicles with accidents or mechanical issues.
- Market Demand – Prices rise for popular models, especially hybrids and fuel-efficient cars when gas prices spike.
- Location – Used cars in urban areas often cost more than in rural regions.
- Certified Pre-Owned (CPO) – These vehicles cost more but include warranties and inspections.
Used Car Price Trends Over the Last Decade
Year |
Average Used Car Price |
|---|---|
2015 |
$18,500 |
2017 |
$19,200 |
2019 |
$20,500 |
2021 |
$27,000 (pandemic price spike) |
2023 |
$26,091 |
2024 (current) |
$25,200 (slight drop) |
Prices hit record highs in 2021 and 2022 due to supply chain issues and chip shortages, but they’ve started cooling slightly in 2024.
What Are the Cheapest Used Cars?
If you’re looking for affordable transportation, these models are known for low purchase prices and reliability:
Make & Model |
Average Price (2015-2017 Model Year) |
|---|---|
Nissan Versa |
$7,000 – $12,000 |
Hyundai Elantra |
$9,000 – $14,000 |
Ford Focus |
$8,000 – $13,000 |
Honda Civic |
$12,000 – $18,000 |
Toyota Corolla |
$11,000 – $17,000 |
How Much Do Used Electric Cars Cost?
With more EVs hitting the used market, prices have become more reasonable—but they’re still higher than gas cars.
Model |
Average Used Price (3-5 Years Old) |
|---|---|
Tesla Model 3 |
$28,000 – $38,000 |
Nissan Leaf |
$14,000 – $20,000 |
Chevy Bolt |
$17,000 – $23,000 |
Hyundai Kona EV |
$21,000 – $27,000 |
Used Car Prices by Region
Region |
Average Price |
|---|---|
West Coast |
$25,500 – $28,000 |
Midwest |
$23,000 – $25,500 |
South |
$24,000 – $27,000 |
Northeast |
$25,000 – $28,500 |
Prices are often higher in coastal and urban areas where demand is greater.
Additional Costs to Factor In
The sticker price isn’t the only cost to consider when buying a used car:
Expense |
Estimated Cost |
|---|---|
Taxes & Registration |
$500 – $2,000 (varies by state) |
Pre-Purchase Inspection |
$100 – $200 |
Repairs & Maintenance |
$500 – $1,500/year (average) |
Extended Warranty (Optional) |
$1,000 – $2,500 |
Financing Interest (if applicable) |
Varies based on credit score |
Used Car vs. New Car: Cost Comparison
Factor |
Used Car |
New Car |
|---|---|---|
Average Price |
$25,200 |
$48,000 |
Depreciation |
10-15% per year |
20-30% in year 1 |
Insurance |
Lower |
Higher |
Warranty |
May need extended coverage |
Full manufacturer warranty |
Financing Rates |
Slightly higher APR |
Lower APR on new cars |
Used cars save money upfront and depreciate slower, but new cars come with full warranties and the latest tech.
How to Save Money on a Used Car
- Shop in rural areas where prices are lower.
- Buy from private sellers if you’re comfortable doing your own inspection.
- Avoid high-demand models when possible.
- Check certified pre-owned deals if you want a warranty without the new car price.
- Consider slightly older cars (4-7 years old) to balance cost and reliability.
- Time your purchase—prices tend to dip at the end of the year when dealers clear inventory.
Final Thoughts
The average used car costs around $25,000 in 2024, but you can still find reliable older vehicles for under $10,000 if you shop smart. Whether you’re buying a budget-friendly commuter car or a certified pre-owned SUV, understanding the factors that affect price helps you get the best deal.
How much did you pay for your last used car? Share your experience in the comments.
For real-world pricing insights on cars, healthcare, and more, bookmark CostHowMuch.com.
