Not The Toyota Corolla: iSeeCars Says This Popular Used Car Saw The Biggest Price Increase

There are some things you need to look out for when buying a used car and for many people, price is at the top of the list. But finding an affordable used car isn't what it used to be; depending on what vehicle you're considering, you may end up paying more than you expected. This is true of the Hyundai Elantra, which has become considerably more expensive on the used market.

In a recent study by iSeeCars, the Elantra had the biggest price increase among 21 best-selling used cars. The average price of a 3-year-old Elantra rose from $12,295 in 2019 to $19,178 in 2026. This is a 56 percent increase in just seven years. That put the Elantra ahead of the Kia Sportage, Toyota Camry, and Honda Civic, which had price increases of 50.5 percent, 49.9 percent, and 44.7 percent respectively. Even the Toyota Corolla on the used market saw a 39.7 percent increase during the same period, with its average price going from $14,301 to $19,971.

The Elantra's price increase is actually part of a bigger trend that has played out in recent years. The average price of a 3-year-old used car jumped by 38.2 percent since 2019, going from $23,624 to $32,651. In fact, only 11.4 percent of 3-year-old used cars are now priced below $20,000. That's down from 49.4 percent in 2019. This means that used car buyers looking for a budget-friendly car under $20,000 have far fewer options than they did before.

Part of the reason used car prices are high is because the market is dealing with both strong demand and limited supply. With new vehicles averaging over $49,000, more and more buyers are looking to the used car market. At the same time, as newer car sales slow down, fewer trade-ins are entering the market. This makes it harder for dealers to restock their used car inventory, thus affecting the selection of vehicles that buyers can choose from.

Beyond the price, buying a used car means looking at the bigger picture to determine whether you're actually getting a good deal. A car that's within your budget can still get expensive if it needs frequent repairs or carries high insurance. You should also consider regular maintenance costs, and whether the vehicle requires a more expensive grade of fuel. Checking the car's history and carefully inspecting it, as well as takin git for a test drive, can help uncover potential problems before you buy.

If you're struggling to find a used car that suits your needs, you could lease a newer vehicle instead. Lease payments are typically lower than financing a new car because you're paying for the vehicle's depreciation through the lease rather than the full purchase price. However, leasing does come with its share of trade-offs, including mileage limits, as well as potential charges for excessive wear and tear. Perhaps most importantly, you won't own the car when the lease ends.