The number: Drivers in Southern California pay the fourth-highest price within the country for the oldest used cars.
The source: My tried and tested spreadsheet checked out an evaluation of used automobile purchases by iSeeCarsthat tracked average prices and sales patterns for used cars ten years old or older in 50 major metropolitan areas, including five in California.
Top line
In Southern California, it cost $13,984 to purchase the typical 10-year-old automobile this 12 months, up 53 percent since 2014 – the Thirty third-largest increase among the many 50 markets tracked.
Elsewhere in California …
No. 7 Fresno: $13,325 this 12 months, up 41% since 2014 (No. 48).
No. 8 Bay Area: $13,283 after a 46% gain (No. 44).
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No. 10 San Diego: $13,098 after a 44% gain (No. 45).
No. 30 Sacramento: $12,085 after a 33% gain (No. 49).
Details
Classic cars make up an ever-increasing proportion of used cars as they represent the most affordable option for drivers.
And these vehicles are not any longer junk, since the vehicles of this era are higher made and last more.
Since 2014, Sacramento has seen the second-largest increase within the share of 10-year-old vehicles in used automobile sales within the country, rising from 14% a decade ago to 26% in 2024. Incidentally, Sacramento now also has the second-largest market share of old cars among the many 50.
Elsewhere in California …
Jump No. 13 in San Diego: 20% of used automobile sales this 12 months (#22 share) in comparison with 12% in 2014.
No. 20 Bay Area: 19% this 12 months (share no. 29) in comparison with 12% in 2014.
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No. 31 Southern California: 16% this 12 months (share no. 41) in comparison with 11% in 2014.
No. 39 Fresno: 14% this 12 months (share no. 48) in comparison with 10% in 2014.
Conclusion
Nationally, these older vehicles accounted for 23% of all used automobile sales this 12 months, up from 17% in 2014.
Unfortunately, bargain-hunters' enthusiasm is driving up prices. A typical automobile older than 10 years sold for $12,194 nationwide this 12 months – a 61% increase in 10 years.
Think of the 2 extremes of this market.
In Miami, drivers paid $14,616 for 10-year-old cars (No. 2 price), after the value rose 95 percent since 2014—the most important increase within the country. So only 13 percent of the Miami market included these oldest cars, the bottom share among the many 50 markets.
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In contrast, older cars in Norfolk, Virginia, sold for just $10,487 this 12 months, up just 31%. Both are national lows.
Is it surprising that 29% of used cars sold in Norfolk were over 10 years old, double the number in 2014? Both are national highs.
Original sound
“Consumers seeking relief from high auto prices are turning to older cars,” said Karl Brauer, senior analyst at iSeeCars. “But even looking ahead a decade or more does not protect buyers from the massive used car price increases we have seen in recent years.”
Originally published:
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