ORLANDO, Fla. – If you are in the market for a used car, get ready to pay more for more miles and wear-and-tear.
iSeeCars.com found that 1- to 5-year-old cars are selling on average with 20% more miles than four years ago.
In fact, the data showed that the share of affordable, sub-$20,000 cars in Orlando-Daytona Beach-Melbourne dropped from 56.4% in 2019 to 17.9% in 2023.
Karl Bauer, executive analyst with the company, admitted that he did not expect consumer used car options to be so limited and expensive in just four years.
“The average 1- to 5-year-old used car had about 43,000 miles in it when you were shopping in 2019,” Bauer told Make Ends Meet. “In 2023, a 5-year-old car has 63,000 miles on it.”
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Although the data shows that the price increases are starting to ease nationally, the Orlando-Daytona Beach-Melbourne market does not have a heavy amount of affordable cars in the $20,000 range.
Popular Cars With the Greatest Price Increases in Orlando-Daytona Beach-Melbourne, FL: 2019 vs. 2023 – iSeeCars Study
| Rank | Model | Avg. Price 2019 | Avg. Price 2023 | % Change in Price |
|---|---|---|---|---|
| 1 | Toyota Corolla | $13,236 | $20,349 | 53.7% |
| 2 | Toyota Camry | $16,360 | $24,451 | 49.5% |
| 3 | Honda Civic | $16,070 | $23,517 | 46.3% |
| 4 | Honda Accord | $17,977 | $26,035 | 44.8% |
| 5 | Toyota RAV4 | $19,218 | $27,527 | 43.2% |
| Orlando-Daytona Beach-Melbourne Area Average |
$21,587 | $32,156 | 49.0% |
Those prices coupled with hikes in financing mean that the entire used-car experience will deliver sticker shock 2023 style.
“If you’re getting down to color, options and specs, you’re probably still going to have trouble finding that car,” Baurer said. “You’re paying more for the car, and you’re paying more for the money to buy that car.”
For more information on available used cars in your area, click here.
For a complete list of affordable used cars, visit iseecars.com.
If you have a consumer or financial issue, just email makeendsmeet@wkmg.com or text the words make ends meet to 407-676-7428. Remember to include your issue, phone number and email.
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August 23, 2023 at 06:12PM
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Used car prices in Central Florida going up — and so is the mileage. Here's what you need to know - WKMG News 6 & ClickOrlando
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