Many car buyers are on the market for the best new cars. However, increased prices mean that some people are looking for used options. Often, this means people are looking for the top cars that are only a few years old. However, a new study finds that older vehicles are on the rise and make up a decent bit of the market share. Only time will tell if this trend is to continue. The used Hyundai Sonata is among the most popular.
The best new cars are too expensive for most buyers
As mentioned, many buyers nowadays feel that the best new vehicles have become too expensive. These high prices lead to out-of-this-world monthly payments. According to Forbes, some buyers have found the solution. Based on a recent survey, about 22.7 percent of the market share is made up of ten-year-old vehicles. This is way up from what it was in 2014 when older vehicles made up 17.2 percent of the market.
According to the survey, this increase in popularity of the top used cars from ten years ago has resulted in higher prices. In fact, the value of these vehicles is up by a whopping 60 percent from a decade ago. On average, they are now worth about $7,583, whereas the top used cars around the same age used to cost $7,583.
Most people looking for the best new cars don’t want sedans. However, this is the most popular segment of these ten-year-old models that people are now driving home with. The used Hyundai Sonata is one of the most bought. Wagons and hatchbacks are also popular options for people looking for the top used cars.
