this post was submitted on 06 May 2024
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Prices for even 200k mile used vehicles are skyrocketing and cheap new cars simply don’t exist. Yes, ICE is the majority of vehicles out there, especially in rural areas, but they are more expensive and less available than ever. 10 years ago I bought a 100k mile Volvo wagon for $10k, put 50k more miles on it then sold it for $5k; if I wanted to buy the exact same car back today with 250k miles i would need to pay $15k for it. As manufacturers shift to EVs that problem is only going to get worse.
A 100k mile used car is already near the bottom of the depreciation curve, you probably sold it too cheap. Adjusting for inflation, $10k 10 years ago is $13k today. Covid did a number on the auto industry so all car prices skyrocketed, but they're starting to recover: your hypothetical is only 15% higher when you adjust for inflation, which looks about right.
Cheap new cars don't exist anymore because everyone want to buy fucking luxury SUVs or pickup trucks to drive their kids to school. It has nothing to do with EVs; we actually see this trend on the EV market too: GM abandoned their best-selling EV (Chevy Bolt) to instead focus on a bigger SUV (an electric Equinox, IIRC).
Yeah I drive a Honda fit. A vehicle with a cult following that’s no longer made
I sold it for market value, it was a rare 6 speed one and since then manuals command an insane premium in some segments.