CLEVELAND, Ohio — Finding an affordable vehicle is getting harder due to high-interest rates and rising sticker prices.
Good Morning Cleveland anchor Mike Brookbank looked into the cost of used vehicles in Cleveland.
According to iSeeCars.com, the availability of used vehicles priced under $20,000 in Cleveland dropped in 2023 from nearly 58% to 16%.
"I don't think I've ever seen prices move this dramatically this quickly, " said Karl Brauer, an executive analyst at iSeeCars.com. "Less than a third of the cars that were available to you in 2019 are available now for $20,000."
The top three used vehicles with the greatest price increases in Cleveland are the Toyota Corolla, Toyota Camry, and Hyundai Elantra.
Data from iSeeCars.com showed that used Toyota Corollas sold for nearly $14,000 in 2019. That price jumped to more than $21,000 in 2023.
Used Toyota Camrys sold for $16,400 in 2019 and are worth nearly $25,000 in 2023.
Used Hyundai Elantras are selling for more than $18,000 in 2023, up from $12,600 in 2019.
Brauer said, "We have reached a point where a new car with these interest rates might make sense in terms of at least monthly payment."
Used car prices are expected to return to normal levels by 2027.
