Mercury Insurance Highlights $26,000 Average Used-Car Price, Scarcity of Budget Models
Typical used vehicles now sell for about $26,000 nationwide, with models under $15,000 scarce, driving Americans to purchase 37.4 million pre-owned cars in 2024. Mercury Insurance urges buyers to evaluate advanced safety features, review vehicle histories and compare insurance quotes to avoid unexpected costs.
1. Market Overview
In 2024 Americans purchased 37.4 million used vehicles, more than double annual new-car sales. The typical pre-owned car now commands about $26,000 nationwide, while models priced under $15,000 remain scarce due to constrained inventories.
2. Pandemic Production Impact and New-Vehicle Prices
During the pandemic, production cutbacks and semiconductor shortages limited new-car output, reducing future used-car pipelines. Rising new-vehicle transaction prices, now near $47,000, have further funneled buyers toward pre-owned options.
3. Mercury Insurance Buying Tips
Mercury Insurance advises shoppers to evaluate advanced safety technologies such as automatic emergency braking and blind-spot monitoring, review detailed vehicle history reports for hidden damage, and compare insurance quotes before purchase to gauge total ownership costs.
4. Demand Drivers and Outlook
Tax refund season often provides critical down-payment funds, sustaining used-car demand as budget options remain limited. Consumers are expected to continue favoring pre-owned vehicles for value, shaping insurance market trends this year.