(WXYZ) — If you're in the market for a used car this summer, you may be in for a bit of sticker shock. The price of pre-owned cars is on the rise.
According to Edmunds.com, the average sales price of a 3-year-old used vehicle has surpassed $30,000 for the first time since 2023.
With inflation and tariffs, experts say the used car market has changed, and finding an affordable used car has become increasingly difficult for buyers.
"It was a four-month to five-month process to find something in my price range," Kendall Tims told me. "You could tell the prices of the market went up. You could also tell not a lot of cars have been purchased due to the prices."
Patience paid off for Tims. He eventually found a two-year-old car in his price range.
"You want to get something that's pretty reliable, that's road sturdy, but for the price that you're paying in a five-year or six-year, you want to make it feasible," Tims said.
I also sat down with automotive expert john McElroy from Autoline to see what the reason behind the rising cost was.
"Because of COVID and the chip shortage, which caused limited production of new cars, we currently have a shortage of three-year-old cars," McElroy said. "Used demand is through the roof and so prices for used cars have gone up in price. That's the problem we face right now."
While some buyers are adapting to these changes, the question remains: Will more affordable used cars under $30,000 return to the market.?
"If you're looking to get into the market, I would do it as soon as possible and these cars are going to be limited for quite some time," Greg Gnatek, the Avis Ford used car manager, said. "The amounts that we are selling compared to the amounts that are available is a lot different. We don't have the ability to keep up with the demand at times."
