Consumers keeping the used car market alive and thriving

It appears that the lustre and the lure of new wheels is wearing off for an increasing number of car owners, and that older cars are making up a much larger portion of the used car market than even 10 years ago.

According to a study by iSeeCars, the number of older cars on the market has increased by nearly a third over the past few years, with conventional sedans, hatchbacks and, my favourite, wagons leading the way.

That may not be translating completely into people being able to keep as much of their hard-earned after-tax income, however. According to Karl Brauer, iSeeCars' executive analyst (I guess he analyzes the executives) "Consumers seeking relief from high vehicle prices are turning to older cars…but even going back a decade or more isn't shielding buyers from the massive used car price hikes in recent years, with the average older car now costing more than $12,000." That's U.S. dollars.