SANTA MONICA, CA — October 29, 2024 — In its latest report on quarterly used vehicle trends, Edmunds reveals that the price difference between new and used vehicles surpassed $20,000 in Q3 2024, the widest gap ever recorded. Analysis of transaction and survey data illustrates why many consumers who initially aim to buy new may end up considering used vehicles. With the average new vehicle price at $47,542 and used at $27,177, Edmunds data highlights that rising prices are prompting a shift toward used cars for budget-conscious shoppers.

This comprehensive report from Edmunds' director of insights, Ivan Drury, dives into the state of the used vehicle market, where prices have declined year-over-year but remain 31.4% higher than in 2019. The report also sheds light on mismatches between shopper expectations and market realities, such as desired price points, monthly payments and the age of vehicles available in lower price ranges.

Read Edmunds' full Q3 2024 Used Vehicle Report here.

About Edmunds
Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America's best workplaces by Fortune, Great Place to Work and Built In, Edmunds is based in Santa Monica, California. Follow us on TikTok, Twitter, Facebook and Instagram.