Vehicles under $15k are 1.6% of the market, and their share of the market has dropped over 90% since 2019. The old advice that you can get a beater and drive it in to the ground for $5k hasn't been true for years but it still seems pervasive in personal finance spaces.
I’m on the very last life of my current car and I’ve been watching prices. To compare, I bought my current car for 8k. It had 99k miles on it and it has lasted 10 years with no major service other than an A/C compressor.
Granted the market 10 years ago was a lot different, but there is nothing in my area that I would feel comfortable financing for under 20k. At that point I can get a brand new Versa or Corolla for a few grand more. With either of those I get a warranty and brand new components. It’s not even a question which is the better deal.
It's Almost Impossible To Find A Decent Used Car Under $20,000 ( jalopnik.com )
Vehicles under $15k are 1.6% of the market, and their share of the market has dropped over 90% since 2019. The old advice that you can get a beater and drive it in to the ground for $5k hasn't been true for years but it still seems pervasive in personal finance spaces.