Used Car Prices Hit Record Highs

The average three-year-old used vehicle now tops $32,000, while cheaper options have largely disappeared from the market.

Updated on Nov. 4, 2026 in Buying/Selling

Bold vector editorial illustration of a row of identical slate sedan silhouettes receding into the distance beside a shrinking stack of mustard discs, representing the vanishing budget used-car segment. — Average three-year-old used vehicle prices topped $32,000 this year, a record, as cars under $20,000 fell from 55% of listings in 2019 to about 31%. AI Illustration. Upload story photo >

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The average price of a three-year-old used vehicle has topped $32,000, a record high reached earlier this year. The share of used vehicles costing less than $20,000 has fallen from 55% in 2019 to just over 31%.

Why it matters

Shoppers on tighter budgets are finding fewer affordable options, and a $10,000 to $15,000 budget now buys an older car with roughly 40,000 more miles than in 2019. New car prices have climbed nearly 30% since 2019, with the average new vehicle now above $48,000.

The average three-year-old used vehicle topped $32,000 earlier this year, while the average new car exceeds $48,000. The share of used vehicles under $20,000 dropped from 55% in 2019 to just over 31%.

The players

Edmunds

Edmunds is an automotive research company known for its vehicle pricing data and car-buying tools used by consumers and industry analysts.

WREG

WREG is a television station in Memphis, Tennessee, that serves the Mid-South region with local news and consumer reporting.

The details

Edmunds research data showed the average price of a three-year-old used vehicle reaching a record above $32,000 earlier in 2026. WREG analyzed the used car pool by price range and mileage, finding the budget segment has shrunk considerably since 2019.

2019: Baseline year for the price comparisons
Earlier in 2026: Average three-year-old used vehicle price topped $32,000, a record high
November 4, 2026: WREG published its consumer alert on used and new car prices

Roadmap

Used vehicle prices have risen sharply compared with the 2019 baseline, when more than half of used cars sold for under $20,000. The shrinking budget segment reflects a broader market shift in which both new and used vehicle prices have climbed.

Shoppers with budgets between $10,000 and $15,000 now find older vehicles with significantly higher mileage than they would have seen in 2019. Buyers should expect fewer choices under $20,000 and factor in the higher mileage when comparing options.

The takeaway

Used car buyers on a fixed budget should expect to compromise on age or mileage, and should compare current listings carefully before committing to a purchase.