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Yahoo
6 days ago
- Automotive
- Yahoo
This Ford model is the most popular used vehicle in Tennessee, according to study. See why
Buying a brand-new car isn't for everyone. Millions of Americans take advantage of depreciation to find used car, truck, and SUV deals. Buying a used car is a great way to get some of the best-selling vehicles on the market at a heavily discounted rate. The best-selling vehicle in Tennessee is the Nissan Rogue, but it isn't the best-selling used vehicle. That title belongs to one of the Blue Oval's popular full-size pickup truck models. What is the most popular used vehicle in Tennessee? The most popular used vehicle in the state of Tennessee is the Ford F-150 full-size pickup truck, according to a study by automotive research site Ford began producing the F-150 nameplate as a heavy-duty model for the F-100 pickup truck series. Today, the Ford F-150 has become one of the best-selling work trucks ever due to its affordability and utility. The study by concluded that the F-150 was the best-selling used vehicle in 33 states including North and South Carolina, Kentucky, Georgia, Alabama and other states near Tennessee. America loves the Ford F-150 both as a new and used model. So, is Ford's full-size pickup really a good truck or are folks only buying it because it's popular? Should you get a used Ford F-150? Ford's F-150 has been "long regarded for its rugged design, strong engines, and top-line trims", said automotive site The Blue Oval offers several engine options and trims designed for towing, off-roading, and more. The F-150 is a great used pickup truck because it is built for the long haul. It's generally reliable and has the capabilities of a trusty work truck in terms of payload capacity and even towing capacity. Additionally, there are plenty of F-150 trims to choose from based on your needs and aftermarket accessories to customize the popular pickup. Which used Ford F-150 should you consider in Tennessee? J.D. Power gave the 2022 Ford F-150 an 86% score for quality and reliability. U.S. News & World Report rated the 2022 F-150 as the best full-size pickup truck. The 2022 Ford F-150 had a starting MSRP of $33,315 for the base model. CarMax has several F-150 models for sales with prices under $31,000. These models have relatively low mileage making them solid used vehicle deals. Older F-150 model years have depreciated even more, making them appealing to used car buyers. The 2020 Ford F-150 had an original MSRP of $28,745. It now has a fair purchase price of just $17,947 and a typical listing price of $18,947 (with 79K miles or less), according to Kelley Blue Book. The 2020 Ford F-150 uses a 3.3-liter V6 engine to produce 290 horsepower and 265 pound-feet of torque. It achieves 19 miles per gallon in the city and 25 miles per gallon on the highway. The 2020 F-150's high towing and payload capacity are "ideal for work or play" according to a vehicle review by Edmunds. Used car buyers can find older F-150 models that have depreciated by 30% or more, making the full-size pickups much more affordable than brand-new models. This article originally appeared on Nashville Tennessean: What's the most popular used vehicle in TN? Look to the Blue Oval Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-07-2025
- Automotive
- Yahoo
Used cars under $20K have almost vanished from the market: Here's what's behind the surge
Before the COVID-19 pandemic, more than half the used cars for sale in the nation were 3-year-old vehicles priced for $20,000 or less. Today, those same type of vehicles comprise only 11% of used cars. In fact, most shoppers who are in the market for a used vehicle would be hard pressed to find a 3-year-old model below even $30,000, forget finding one for $20,000. According to a new study from research website called: "The sub-$20,000 used car is almost gone," the average list price for a used 3-year-old vehicle is now $32,635, that's $9,476 more than it was six years ago. "There's very little negotiation going on for used cars because demand is so high," said Karl Brauer, executive analyst with which is based in Woburn, Massachusetts. "The price of used cars was dropping for the last two years, not dramatically, but going down a little bit every month. The last three months it's gone up again.' In February, the average list price for a 1- to-5-year-old used car was $31,257, up 1% from the year-ago period. In June, it was up to $32,437, a 4.8% bump from a year ago June, Brauer said. Of course that's still cheaper than buying a new car. According to the average manufacturer's suggested retail price in June was $50,523, but the average transaction price — which is what a customer pays for the car — was $48,261. More: Car buyers set a record with more than $1,000-a-month car payments in Q2 'Who knows what will happen in July. Maybe the trend will stop?' Brauer said of used car prices climbing. Metro Detroit reflects what's happening nationally. Brauer said in 2019, 52.2% of 3-year-old used car inventory in the Motor City was priced $20,000 or less. Today, only 13% of the used car inventory in metro Detroit consists of 3-year-old cars priced for $20,000 or less. Brauer told the Free Press his company conducted the study in mid-June. It analyzed data on 2.6 million 3-year-old cars. They focused on 3-year-old cars because those are in the "heart of the age group in the used market" which are 1 to 5 years old, he said. The study showed that the best-selling 3-year-old used models that are virtually no longer available for under $20,000 include the Chevrolet Equinox, Honda Civic, Kia Sportage, Nissan Rogue, Toyota Camry, and Toyota Corolla. For example, Brauer said in 2019, 97.6% of 3-year-old Honda Civic cars could be bought for $20,000. Today, 5.7% of 3-year-old Honda Civic's are available at that price range at $20,000. 'That's 94.1% drop off," Brauer said. "The Toyota Corolla, 99.9% were available to a $20,000 buyer in 2019 and now its 62.9% so they've lost about 37%. Chevy Equinox: 88.1% were available in 2019 for a $20,000 buyer and now 22.3% for a $20,000 buyer.' The study found that passenger cars saw the biggest price increase since 2019, up 48.7%. Prices for used pickups rose 28.8% and used SUVs prices are up 15.4%. Here's how that translates to dollars: Passenger cars: The average 2019 list price: $19,734. Average list price today: $29,343. SUVs: The 2019 average list price: $31,649. Average list price today: $36,509. Pickups: The 2019 average list price: $31,627. Average list price today: $40,731. All vehicles types combined: The 2019 average list price: $23,159. Average list price today: $32,635. The dramatic shift in used vehicle market pricing can be attributed to a few things, Brauer said. First there is inflation, which the nation saw rise after the COVID pandemic. But a $9,500 average price boost can't all be due to inflation, Brauer said. He blames it more on the restricted new-vehicle production in the second half of 2020 as automakers idled assembly plants because of the pandemic. Even though they were back online in a matter of weeks, it takes time to get the suppliers and production back to full capacity. When they finally did, many automakers were then hit with the semiconductor shortage in 2021 that hindered new vehicle production again. "So you had a huge hit for new car production from mid-2020 to 2022," Brauer said. "We're now in 2025 and the cars that would be 3 years old would have been built around 2021 to 2022 and they are not there in terms of the volume the used market needs. It is because the supply of new cars in three-plus years ago are restricted." On top of that, prices have systematically been pushed higher by demand as a result of the pandemic, which saw people move from urban to suburban areas when they no longer had to come into an office. With no public transportation in surburban areas, those people now need to buy cars. "So right when you had new car production restrictions, you had new car demand go up ... and this is three or four years ago," Brauer said. "That pushed up prices of new cars and pushed people into the used market, which pushed up the prices of used cars." To add to the lack of available late-model used cars, he said, the people who leased cars three to five years ago, came off those leases and saw the prices of new and used cars and realized buying out their lease was the cheapest way to get another vehicle. So those leased vehicles are not going back into the used market, he said. 'So all these things, almost every variable that could or would affect used car pricing, has done so in a bad way," Brauer said. "That's made them more expensive.' So where does this leave used-vehicle buyers? "They have to buy older cars with higher mileage," Brauer said. "When you look at what's selling, for $20,000, it used to be a 3-year-old car and it had like 32,000 miles on it. Now, $20,000 buys you a 6-year-old car with 71,000 miles on it.' The good news is cars are built better so the older used models with higher mileage will last longer, he said. "If you're forced to buy an older, higher mileage car, thankfully older cars are better than they used to be," Brauer said. "I used to consider 100,000 miles as: 'That's disposable.' That's not true anymore. You can get to 200,000 to 250,000 miles fairly easily.' Brauer offers the following tips for used-car buyers: Research the market value. Go to or other sites such as Edmunds or Kelley Blue Book and put in the VIN number of the vehicle you're interested in to find out the price you should pay. Be flexible: If you're open to a variety of brands and models, that will help you find something in your price range. 'Most things are expensive," Brauer said. "But there are pockets: models, makes and parts of the country, were things are less expensive.' Get a pre-purchase inspection: If it's a private sale, pay $200 to have a professional mechanic inspect the used car. Demand a print out of the CarFax: At a dealership, insist on seeing a printed CarFax report on the car. Be willing to go outside your home market to find a good deal. 'Let's say you're in Detroit and there's a car in Iowa you want. Let's say it would take you 12 hours to go get the car," Brauer said. "Well, if you're saving $1,200 on price of the car, you're getting paid $100 an hour to go get it, so that's a good deal.' If you have to take a bus or a flight it might not be a big savings, he said. But Brauer is a big believer in expanding your radius in where you're willing to get a car to save a few bucks. 'Sometimes a dealer will ship it and that can be the most economical," Brauer said. "It might cost you $800 to ship it, but if you're saving $2,400 on the price, then you're still getting a $1,600 savings.' Brauer said it is possible for prices to reverse, but unlikely unless there is a "substantial and unwelcomed turmoil" in the economy. The average used-vehicle prices had stabilized over the last year. But when President Donald Trump applied 25% tariffs to all imported vehicles and car parts this spring, buyers flooded the market to buy new and used cars on fears the tariffs would inflate prices. That sudden rush of demand with limited inventory actually caused prices to rise, Brauer said. "We've stabilized. But I think it's unlikely we'll see 1- to- 5-year-old vehicles available for around $20,000 like we did before the pandemic," Brauer said. "I don't think that's going to come back. We'll see ongoing stabilization, but no retraction in pricing." More: Ford CEO Jim Farley doubles down on dealerships: 'That's the secret sauce' More: Ford's latest sale may be just the start in a summer of car-buying deals, experts say Jamie L. LaReau is the senior autos writer who covers Ford Motor Co. for the Detroit Free Press. Contact Jamie at jlareau@ Follow her on Twitter @jlareauan. To sign up for our autos newsletter. Become a subscriber. This article originally appeared on Detroit Free Press: Used cars under $20K nearly vanished from market: What's behind it Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
13-07-2025
- Automotive
- Mint
The best EV deals now are on the used market
Car buyers are turning a cold shoulder to new electric vehicles these days, but they are flocking to used models. Used EV sales topped 100,000 for the first time in the second quarter, according to industry-services business Cox Automotive. It is a rare bright spot for the EV industry, which is contending with lackluster demand and the looming elimination of federal tax credits. Sales for new EVs fell in each of the last three months. What buyers are finding in the used market is deals. Used EV prices fell nearly 32% in 2024 from 2023, almost 10 times the drop in used gas-powered car prices, according to an automotive research site. Last year, the average used EV cost around $30,900, in line with the average used gas car, even though a new EV sells for $17,300 more than a comparable gas model on average. Discounts have drawn in buyers like Christopher Andrzejczak, a systems engineer from Orlando, Fla., who has owned five EVs over the past decade. Last year, he picked up a 2021 Ford Mustang Mach-E with 6,000 miles on it for $36,000—less than half of its sticker price. That price included an extended warranty and several upgrades like tinted windows that the previous owner had paid for. Deals on used EVs are especially pronounced because EVs lose value faster than gas-powered cars once they drive off the lot. The depreciation often reflects concerns about battery life and longevity. Replacing a battery out of warranty is costly but uncommon. New technology could quickly make a used EV antiquated. The vehicles also require specialized parts and labor that make them more expensive to repair when something goes wrong. 'I was like, You know what? I'm willing to take a risk on that," Andrzejczak said. The previous owner 'probably took a terrible depreciation hit." In the new-car market, higher sticker prices and the fast pace of depreciation can make it hard for many car shoppers to justify going green. New electric vehicles cost about $800 more a year to own than gas-powered cars when factoring in fuel, maintenance, insurance and fees. But removing the cost of depreciation results in a saving of more than $900 annually versus a gas car, according to an analysis of AAA data. EVs have lower fuel and maintenance costs, but cost more to insure. In 2024, charging an EV at home worked out to the equivalent of about $1.41 a gallon of gas, according to the Energy Department. That is less than half of what most drivers paid at the pump last year. EV owners spend roughly half as much on upkeep and repairs compared with gas-car drivers, according to Consumer Reports. Over the life of the car, that adds up to about $4,600 in maintenance costs for an EV compared with $9,200 for a traditional one. Used cars also don't depreciate as quickly. In January, Andrzejczak purchased a used 2021 Audi E-Tron Prestige for $27,000, with the intent to get ahead of tariffs and eventually gift it to his teenage son. When his son made it clear he wasn't interested in March, Andrzejczak sold the car to Carvana for $26,000. 'It's like I borrowed it for a few months for $1,000," he said. Jason Wallace, who owns Electrified Autos, a used EV dealership in Joplin, Mo., says more buyers are realizing they can save money by making the switch to electric. In an economy pinched by years of inflation and high interest rates, he said, 'that's all that matters to them." The used-car dealership has been in Wallace's family since 1975 when his grandfather opened it, but Wallace and his brother made the decision to focus exclusively on selling electric vehicles last year. So far, it has paid off. 'There's demand for EVs at the right price," he said. 'Not everyone is going to spend $60,000 on a car but they will look harder when it's $20,000 or less, and we have no problem selling those." Another reason for the rush is looming changes in EV policy. A $4,000 federal tax credit for used EVs is set to expire at the end of September as a result of the new tax law passed earlier this month. The $7,500 federal tax credit for new EVs, which made new models more affordable and helped keep prices down in the used market, is also expiring at the same time. Eli Cook decided to buy an electric vehicle after researching gas prices in the Bay Area. He and his wife, both recent college graduates, plan to move there from Missouri later this year for work. Expecting far higher gas prices in California than Missouri, the couple wanted something affordable and efficient. As newlyweds, they are determined to avoid going into debt. They could have waited until after the move, but worried they would miss out on the tax credit. Last month, they paid $15,000 cash for a 2020 Tesla Model 3. The window sticker, Cook said, showed it had sold for nearly $40,000 four years earlier. 'It really seems like we're buying the dip for used EVs right now," he said.
Business Insider
07-07-2025
- Automotive
- Business Insider
Why it's a smart time to buy an EV
Now might be a good time to pull the trigger if you're thinking about buying an electric vehicle. President Donald Trump signed the "Big Beautiful Bill" into effect on Friday. That means the $7,500 tax credit established under former President Joe Biden's EV initiative will expire on September 30. "If you're in the market for an EV and you're ready to commit to a new car, you should do that," Joseph Yoon, consumer insights analyst at car shopping website Edmunds, told Business Insider. Revised rules for the $7,500 federal tax credit went into effect last year and limited the number of EVs that qualified for the credit. However, 20 electric and hybrid vehicles, including all of Tesla's models and the Ford F150 Lightning, still qualify for the discount (you can check out the full list here.) Some auto manufacturers, like Slate Auto, have already started to adjust their listings. The Jeff Bezos-backed EV startup recently removed the "under $20,000" expected price tag for its upcoming EV pickup truck, which the company previously expected to qualify for federal tax incentives. Now it says it's expected to cost in the "mid-twenties." The federal EV tax credit has two parts. Consumers can qualify for a $3,750 credit if the vehicle meets either the critical minerals or battery component requirements. If it satisfies both criteria, consumers can get the full $7,500 credit. To qualify for the $7,500 incentive, several additional criteria must be met: the vehicle must have a battery capacity of at least 7 kilowatt-hours, a gross vehicle weight rating under 14,000 pounds, and final assembly must take place in North America. Additionally, at least 50% of the battery's minerals and components must be sourced from the US or a country with a US free-trade agreement. There's also a suggested price cap for the incentive to apply. Used EVS also have a clean vehicle tax credit, which allows certain buyers in an income bracket to be eligible for up to $4,000 for an EV with a sale price of $25,000 or less. Brian Moody, lead senior editor for Autotrader and Kelley Blue Book, said that buyers in search of a used EV should also strive to make a purchase as soon as possible. Long-term, though, it won't make too much of a difference because used EVs "depreciate very rapidly," Moody said. The average 1 to 5-year-old used EV price is around $31,110, according to data from "Even without the incentive, they're still going to end up being a great deal," Moody said about used EVs. New EVs are another story — often commanding higher price tags than their gas-powered rivals. Yoon said the average sticker price of a new EV is $63,026, and the average manufacturer's suggested retail price for a gas car is $50,273. While not having the $7,500 rebate will have an impact, some manufacturers may add their own discounts and incentives to help move inventory, Yoon said. If you happen to be on the fence about getting an EV and you're not in the place for a big-ticket purchase, there may be some benefit to waiting. With the incentives increasing competition in the market, some auto manufacturers may up their game to convince buyers to convert, Moody said. "This could end up making electric cars better overall because they'll have to now compete on an even playing field with cars that are powered by all different types of fuels, whether it's hydrogen, electric, or just gas," Moody said. The shift wouldn't happen overnight or in the near-term future, given that manufacturers will have to work on outsourcing, tariffs, and price adjustments. However, it could be a long-term benefit. But if you were already planning on buying a new EV in the coming months and can afford it — you might as well take advantage of the federal incentive while you still can.
Yahoo
24-06-2025
- Automotive
- Yahoo
Buying a car? Skip these colors to help your car retain its value. What to know in Arizona
If you're in the market for a new car, you've likely considered make, model, year and price. But what about color? The color of your vehicle can affect how fast it depreciates, or loses value. Some car colors have worse depreciation rates than others, according to a study conducted by an automotive search engine and research website. Vehicles that experience high rates of depreciation after a few years aren't great for new car buyers, but they can be great for used car buyers. In fact, researching vehicles with high depreciation rates can be a good way to find a deal on a used car. On the other hand, some drivers may avoid vehicles that rapidly depreciate to retain some trade-in value or sell their cars later on. Gold: 34.4% three-year depreciation White: 32.1% three-year depreciation Black: 31.9% three-year depreciation In metro Phoenix, white cars had the highest depreciation rate, at 32%. Most vehicles tend to depreciate the second they roll off of dealer lots, but the rates of depreciation listed above are beyond average rates. So, if you're in the market for a new vehicle, you may not want to buy it in gold. Paying extra money for a gold color model could prove to be even more costly. Thankfully, there are plenty of car colors with below-average rates of depreciation. More: 12 things you shouldn't leave in your car in hot weather in Arizona Yellow: 24.0% three-year depreciation Orange: 24.4% three-year depreciation Green: 26.3% three-year depreciation In metro Phoenix, yellow cars had the lowest depreciation rate, at 23%. "Yellow cars hold their value the best," according to the study results. So if you're looking for a new vehicle, this may be a color to consider for value retention. If you're hunting for a used vehicle deal, avoiding this color could save you some money because of the lower depreciation rate. The overall average three-year depreciation rate of the colors included in the study was 31%. Finding a good deal on a used car can be difficult, but refining your search by including vehicles with high depreciation rates can save drivers thousands of dollars. Vehicles with high rates of depreciation after just a few years can have low mileage and much lower prices than their original MSRP. One example of a vehicle with a high depreciation rate is the 2023 Dodge Hornet. The 2023 model year is the first of its production history. Just a few years after its initial release, the Hornet has depreciated by over 31%. The 2023 Hornet has an original MSRP of $31,590. It now has a fair purchase price of $20,154 according to Kelley Blue Book. That's a value decrease of a whopping $11,436, making it a steal for interested parties as a used model. Another great example of vehicle depreciation is the 2022 Nissan Leaf. The 2022 Leaf has an original MSRP of $27,400 and a Kelley Blue Book fair purchase price of just $14,258. That's a depreciation rate of around 47%. Car buyers can save big bucks on a Nissan Leaf by purchasing a used model that has depreciated severely over the last few years. There's no surefire way to avoid car depreciation entirely, but proper maintenance and upkeep can help drivers retain as much of their vehicle's value as possible. Regular maintenance Interior cleaning Exterior protection According to State Farm, there are several ways car owners can minimize depreciation. Ultimately, proper car care can equate to less depreciation in the long run and a higher resale value, so take those oil changes seriously. The more presentable your car is, the easier it is to get a fair purchase price or trade-in value later on. This article originally appeared on Arizona Republic: This color of cars lose value fastest in metro Phoenix. Here's why
