GITNUX MARKETDATA REPORT 2024

Reliable Used Cars Under $20,000 Market Analysis Statistics

The market analysis statistics for reliable used cars under $20,000 indicate a range of models with affordable prices and high reliability ratings.

Last Updated: June 20, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will analyze key statistics related to the reliable used car market under $20,000. From the market value and projected growth to popular car models, average prices, and sales trends, we will provide valuable insights for those looking to make a smart investment in a pre-owned vehicle.

Statistic 1

"The used car market was worth $947.5 billion in 2019."

Statistic 2

"The used car market is projected to reach $2.1 trillion by 2027."

Statistic 3

"About 17 percent of used cars sold are compact cars, often bought under $20,000 category."

Statistic 4

"Volkswagen Jetta and Hyundai Sonata are also frequently included in the list of reliable used cars under $20,000."

Statistic 5

"As of 2020, the average price of a used car was $20,023."

Statistic 6

"The average mileage of used cars priced under $20,000 is approximately 68,000 miles."

Statistic 7

"Around 40 million used vehicles are sold every year, many of them under $20,000."

Statistic 8

"According to a study, 25% of used vehicles have previously been in an accident."

Statistic 9

"Majority of the used cars sold under $20,000 are models that are between 4 and 8 years old."

Statistic 10

"The Annual Turnover of the Used Car Market is 1.2 times higher than the New Car Market."

Statistic 11

"SUVs made up 29% of used cars being sold, often under $20,000."

Statistic 12

"The average used car costs $1,389 less than the national average price."

Statistic 13

"California, Texas, and Florida reported the most used car sales in 2020."

Statistic 14

"Toyota and Ford are two of the most popular brands for used cars within the $20,000 range."

Statistic 15

"The used vehicle market has grown at an average rate of 5.3 per cent per annum over the last five years."

Statistic 16

"In 2019, 41 million used vehicles were sold in the United States."

Statistic 17

"The median price of a used car has increased by approximately 28% since 2009."

Statistic 18

"More than 30% of used cars sold in the United States cost less than $10,000."

In summary, the statistics provided highlight the significant size and growth of the used car market, particularly in the under $20,000 category. With projections estimating a substantial increase in market value by 2027, it is evident that compact cars like the Volkswagen Jetta and Hyundai Sonata remain popular choices for affordable and reliable options. The data also reveals key insights such as the average price and mileage of used cars in this price range, as well as the prevalence of accidents in a quarter of these vehicles. The market’s preference for slightly older models and specific brands like Toyota and Ford further emphasize consumer trends. Overall, the data showcases a dynamic and evolving sector that continues to attract a large number of buyers with diverse preferences and budgets.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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