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If you have watched the used car market over the last couple of years, you have seen what everyone has commented on. Used car, truck, and SUV prices have soared to new heights. Indeed, you wouldn’t be wrong in your observation.
Used Pricing Has Soared To New Highs
As the pricing of used cars has reached highs over the last few years, two things have happened. First, usedprices have been out of sight since the middle of 2022. And second, there are fewer and fewer vehicles out there that are truly affordable.
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The Ford Authority (FA) took this into account this week when it ran a story on the pricing of used vehicles that showed they have reached record heights over the last few years. New cars, trucks, and SUVs have also seen their pricing reach new highs.
Some Vehicles Have Remained Popular
FA notes that some vehicles remain more popular “and expensive than others.” FA, a provider of independent information about Fords, noted that the popular vehicles include:
- Pickups
- SUVs
- Crossovers
Indeed, FA notes that many used models are “virtually impossible to find for a reasonable price these days, particularly those that are in nice condition with lower mileage.”
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One vehicle that falls into this category is the Ford Explorer. FA notes that finding a good used Explorer for less than $20,000 is nearly impossible. It hasn’t
stopped the crossover/SUV (depending on the generation) from becoming a stalwart on the list of the most popular vehicles among shoppers. And while it is popular with buyers, iSeeCars, a provider of independent information about vehicles, has noted that it was among the most popular used vehicles in 2023.
iSeeCars Takes A Deep Dive
ISeeCars analysts recently took a deep dive into the used car market and realized the Ford Explorer was “the third most popular SUV on the used market.” ISeeCars noted that the Explorer accounted for 2.8 percent of “total sales in the U.S. – a slight decline from last year’s three percent.” Despite the slight decline, the “Explorer still managed to rise to this spot (number three) from sixth place in 2022.”
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The following models topped the overall list:
- The Chevy Equinox at four percent
- The Toyota RAV4 at 3.2 percent
- The Nissan Rogue at 2.8 percent
- The Ford Explorer at 2.8 percent
- The Honda CR-V at 2.7 percent
Millions Of Vehicle Sales Analyzed
And when you say that iSeeCars does a deep dive on a topic, you must realize that it analyzed more than “9.2 million used car sales from the last five model years – 2018-2022. Each model’s share of used car sales was calculated nationally and within each area and state.”
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Commenting on the gains made by used SUVs, Kevin Brauer, executive analyst, noted, “Used Honda CR-Vs made big gains in 2023, moving up four slots among all used vehicles and two slots in the SUV category,” said Brauer. “The CR-V is Honda’s best-selling new model, displacing the Accord and Civic that led the brand’s sales charts for decades. Now the CR-V is ahead of the Accord and closing in on the Civic in the used market.”
Ford Motor Photo
Marc Stern has been an automotive writer since 1971. His automotive articles have appeared in venues including Popular Mechanics, Mechanix Illustrated, AutoWeek, SuperStock, Trailer Life, Old Cars Weekly, Special Interest Autos, and others. You can follow Marc on Twitter or Facebook.
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