"$32,000 on average for a three-year-old car," Edmunds' director of insights, Ivan Drury, told ABC7.
Automotive advice giant Edmunds.com's recent report shows that the buying dollar in the used market doesn't go nearly as far as it did seven years ago. In other words, before the pandemic, when the supply of new cars slowed way down, skewing the market, even today.
"Because of all those new car selling processes and problems that we saw over the years," Drury said. "So really, it comes down to supply and demand."
A three-year old vehicle averages $32,000 today, while a three-year-old vehicle traded for not quite $23,000 in 2020. Today, that earlier price point will have you shopping for older cars with more miles.
If there's some good news about used cars these days, it's that what's out there are often better cars than before, even those that may have high miles on them.
An odometer showing 100,000 is not the deal-breaker it once was.
"A lot of people still think of that as the death of the car -- new engine, new transmission. No, no, no," Drury said. Today's cars they're going to go 150 they're going to go 200. I've had multiple 250,000-mile vehicles."
Some valuable shopping pointers from Edmunds researchers include:
Be prepared to move quickly. Affordable vehicles are selling in under a month, and the best-priced ones often sell even faster.
Stay flexible on brand. Expanding your search beyond the usual reputation leaders can get you a newer vehicle with fewer miles.
Shop the total cost, not just the sticker. An older, higher-mileage car from a prestige brand may cost more to insure, maintain and repair than a newer alternative.
In the end, don't think of buying used as necessarily a negative. Being smart with your money - at the minor cost of not looking so flashy - can be a wise move, mile after mile.