Used-car shoppers who want to purchase a late-model vehicle for under $20,000 will need a time machine.
Four years ago, sub-$20,000 cars made up nearly half of options in the pool of 1- to 5-year-old used inventory. Those vehicles now make up a scant 12 percent, according to an iSeeCars.com used-vehicle pricing study published this month.
It is evidence of the scale at which used-vehicle values appreciated over the last few years as the scarcity of new cars drove more consumers into the used-car market, iSeeCars.com Executive Analyst Karl Brauer said.