Used car prices have jumped 38.2 percent, an increase of $9,027, since 2019, according to a new analysis by automotive research firm iSeeCars published this week. The study analyzed more than 11.4 million used cars sold in 2019 and 2026, with those years chosen for a direct comparison from the last full year before the COVID-19 pandemic to the present; prices were not adjusted for inflation.
Affordable inventory nearly gone
The study by iSeeCars analyzed more than 11.4 million used vehicles aged three to 15 years. The average three-year-old used vehicle now costs $32,651, up from $23,624 in 2019, an increase of $9,027, or 38.2 percent.
In 2019, 49.4 percent of three-year-old cars were priced below $20,000. Today, just 11.4 percent are, meaning buyers have gone from choosing among nearly one in every two vehicles to roughly one in nine.
Willing to settle for a five-year-old vehicle? In 2019, 69.2 percent of those used cars were priced below $20,000, compared with just 26.6 percent today, the study finds.
iSeeCars reported that the age at which most used cars are priced under $20,000 has shifted from four to seven years. 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.
Everyday models hit hardest
Some of America’s most ordinary cars have experienced the biggest increases, turning models once recommended to students, families, and budget-conscious buyers into surprisingly expensive purchases.
A three-year-old Hyundai Elantra averaged $12,295 in 2019. The compact sedan recorded the largest price increase among the 21 best-selling models studied, rising 56 percent to $19,178 in 2026. The Kia Sportage followed with a 50.5 percent increase to $24,543, while the Toyota Camry rose 49.9 percent to $24,829.
The Honda Civic climbed 44.7 percent to $23,771, a painful number for a compact car traditionally treated as the sensible choice for buyers watching every dollar.
Trucks are in a category of their own. A three-year-old Ram 1500 now averages $40,060, while the Ford F-150 costs $43,121 and the GMC Sierra 1500 reaches $45,785, representing increases of 42.5, 36.9, and 36.5 percent, respectively, according to the iSeeCars data.
Luxury vehicles tell a starker story. Three-year-old Porsche Cayennes rose 75.7 percent, while Porsche 911s gained 74 percent over the same period, according to the iSeeCars data. The Mercedes-Benz G-Class also posted outsized gains, the study found.
Off-lease wave offers partial relief
Off-lease volumes are projected to rise by 25.7 percent in 2026, representing nearly a half-million additional units compared to last year, according to the Edmunds Q1 2026 report. Edmunds notes that some electric models had lease penetration rates between 77 and 87 percent in 2023, and many of those vehicles are now hitting the off-lease market.
The used car market will benefit from a significant influx of inventory as off-lease volumes rise, a trend expected to keep used car prices steady and potentially bring some minor relief to buyers. Shoppers hunting for a used EV as an alternative to higher-priced new models may find a wider selection as lease returns multiply.
Three-year-old vehicles reached an average transaction price of $31,548 in the first quarter of 2026, just below the all-time high set four years ago. The only reason used prices did not top record highs last quarter is the continued drop in residual values: in Q1, three-year-old vehicles retained just 66 percent of their original MSRP on average, a five-year low.
New cars increasingly competitive on price
The average price for a three-year-old used car now stands at $32,651 in 2026, and there are more than 30 new vehicles offered in the US with base prices below that mark, from the Chevrolet Trax and Volkswagen Jetta to the Toyota Camry, Kia K4, and Honda Civic.
Monthly payment pressure is also reshaping buyer behavior. In the first quarter of 2026, the average amount financed for new vehicles reached a record high of $43,899, according to Edmunds.
Those financing strains are funneling buyers toward the used market just as new-vehicle transaction prices reach 2026 highs, compressing the value equation for both segments simultaneously.
Until off-lease volume rebuilds inventory at the affordable end of the lot, budget-focused shoppers face a market that looks structurally different from anything seen before the pandemic.
