“Swift swings” takes a quick peek at one economic trend.
The number: Southern California drivers pay the nation’s fourth-highest price for the oldest of used cars.
The source: My trusty spreadsheet looked at an analysis of used car buying by iSeeCars, which tracked average prices and sales patterns for used cars that are 10 years old or more in 50 large metropolitan areas – including five from California.
Topline
It cost $13,984 to buy the typical 10-year-old car in Southern California this year. That’s up 53% gain since 2014 – the 33rd-biggest increase of the 50 markets tracked.
Elsewhere in California …
No. 7 Fresno: $13,325 this year after 41% gain from 2014 (No. 48).
No. 8 Bay Area: $13,283 after 46% gain (No. 44).
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No. 10 San Diego: $13,098 after 44% gain (No. 45).
No. 30 Sacramento: $12,085 after 33% gain (No. 49).
Details
Old is a growing slice of used cars because they’re the cheapest option for drivers.
And these vehicles are no longer “clunkers,” because this era’s vehicles are better made and last longer.
Since 2014, Sacramento had the nation’s second-largest jump in the 10-year-old vehicle’s share of used car sales. Its slice went from 14% a decade ago to 26% in 2024. By the way, Sacramento now also has the second-biggest old-car market share among the 50.
Elsewhere in California …
No. 13 jump in San Diego: 20% of used car sales this year (No. 22 share) vs. 12% in 2014.
No. 20 Bay Area: 19% this year (No. 29 share) vs. 12% in 2014.
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No. 31 Southern California: 16% this year (No. 41 share) vs. 11% in 2014.
No. 39 Fresno: 14% this year (No. 48 share) vs. 10% in 2014.
Bottom line
Nationally, these older vehicles claimed 23% of used car sales this year – up from 17% in 2014.
Sadly, the bargain seeker’s enthusiasm bumps up costs. So, the typical 10-year-old-plus car went for $12,194 this year nationally – up 61% in 10 years.
Think about two extremes of this market.
There’s Miami, where drivers paid $14,616 for 10-year-old cars (No. 2 price) after a 95% gain from 2014 – the largest jump in the nation. So only 13% of the Miami market included these oldest cars, the lowest share among the 50 markets.
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Conversely, the older cars in Norfolk, Virginia, went for just $10,487 this year after only a 31% gain. Both are national lows.
Is it surprising that 29% of Norfolk used car sales were 10-year-old-plus, double the slice of 2014? Both are national highs.
Sound bite
“Consumers seeking relief from high vehicle prices are turning to older cars,” said Karl Brauer, iSeeCars’ executive analyst. “But even going back a decade or more isn’t shielding buyers from the massive used car price hikes we’ve seen in recent years.”
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com