At the risk of deepening the depression for car shoppers who can’t afford a new car, iSeeCars.com has been studying the used-car market and found little evidence that consumers would do better financially if they shopped for a pre-owned vehicle. Sure, savvy buyers might find good used-car deals if they dig deep, or are comfortable transacting with a private seller, away from a showroom.
2023 – 2025 Kia Sportage Hybrid 5th Gen (NQ5) SUVKia
But here are the key findings from iSeeCars‘ analysis of more than 11.4 million used cars sold in 2019 and 2026. Those years were chosen for an apples-to-apples comparison from the last full year before the COVID-19 pandemic until now. In both years, the focus was on the availability of used cars priced under $20,000, especially for three-year-old cars, and prices were not adjusted for inflation. And the news isn’t good.
$20,000 Doesn’t Get You Much These Days
The study found that in 2019, a shopper willing to spend up to $20,000 on a three-year-old used car had lots of options. “In 2026, only 11.4% of three-year-old vehicles are below that budget, a 38-percentage-point decline, which is a 76.9% reduction from 2019,” the report says. So that means shoppers today, sticking to a $20,000 budget, need to look for older used cars. Those cars might not last as long, and are likely to need more maintenance work sooner.
Used Car study conducted by iSeeCars in 2026iSeeCars
iSeeCars Executive Analyst Karl Brauer says the average price of a three-year-old car has ballooned $9,000 since 2019, averaging nearly $1,300 per year.
“Today’s used car prices are among the most powerful examples of the affordability challenge facing consumers.”
–Karl Brauer, iSeeCars Executive Analyst
Willing to settle for a five-year-old vehicle? In 2019, 69.2% of those used cars were priced below $20,000, compared with just 26.6% today, the study finds. “These figures show that the loss of affordable inventory is not limited to newer used vehicles.”
Dramatic Price Swings Are All Over The Place
Looking at specific examples, a three-year-old Hyundai Elantra was a pretty good deal in 2019, with an average price of $12,295. But the compact sedan had the largest price increase since then, rising 56% to $19,178 in 2026, according to the study. Other 3-year-old mainstream models seeing similar increases are the Kia Sportage (up 50.5% to $24,543), Toyota Camry (up 49.9% to $24,829), Honda Civic (up 44.7% to $23,771), and Ram 1500 (up 42.5% to $40,060).
The price swings are even more dramatic for luxury vehicles. A three-year-old Porsche Cayenne carried an average price of $50,301 in 2019, but in 2026, that Cayenne stickered on average for $88,387. That’s a 75.7% increase, and others are up similar amounts. The Porsche 911 climbed 74% to $230,273, and the Mercedes-Benz G-Class rose 72.8% to $172,781. Clearly, these were high-trim variants, rather than base models.
Front quarter view of a 2021 Porsche Cayenne Turbo S E-HybridPorsche
Is There Any Good News When It Comes To Used Car Prices?
At the other end of the market, three-year-old cars showing the smallest price changes since 2019 include two models that actually lost value over seven years. That would be the Tesla Model X (down 17% to $62,689 in 2026) and the Land Rover Discovery Sport (down 2.4% to $28,118).
Six of the 10 used cars showing the smallest price changes since 2019 have been discontinued, or will be by the end of this year, including the Mazda CX-9, Chevrolet Malibu, Ford Edge, Land Rover Discovery Sport, and Tesla Models S and X. This means there are bargains to be had on these used models… while they can still be found.
2019 Chevrolet MalibuChevrolet
CarBuzz Insight – Why This Matters:
If a shopper is on a strict budget of $20,000, this study offers little encouragement. But the challenging used-car market might push consumers to look seriously at financing more for a new car. The study pegs the average price of a used car in 2026 at $32,651.
Heck, there are more than 30 new vehicles offered in the US with base prices below that mark, from the Chevrolet Trax, Volkswagen Jetta, and Hyundai Venue to the Toyota Camry, Kia K4, and Honda Civic.
Spend a little more now, get the factory warranty, and you’re bound to avoid costly repairs for quite a while.
Source: iSeeCars
