It’s been a bad time to buy a used car for the past three years, but there’s a glimmer of hope as we enter 2023. No, you still can’t buy a year-old Ford F-150 for $20,000 off, but you’re at least less likely to pay more for one than a brand-new unit.
Vehicles from the 2020-2022 model years are actually seeing the biggest dip, with 2021 units declining more than 18 percent. This is a significant change seeing as multiple models were commanding more money on the used market than their factory-fresh counterparts just last year.
Not everything is moving in the buyer’s favor, but it’s fair to say the good is outweighing the bad for once. Vehicles cheaper than $10,000 are still few and far between, and older used cars from the 2010-2018 model years are losing value a lot slower—just 7% to 10% since July 2022.
